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Wednesday, 31 March 21
MARKET INSIGHT - INTERMODAL
 Over the past week, the biggest story has been the blockage of the Suez Canal, as a result of the grounding of the container ship Ever Given. At the time of writing the vessel has been refloated allowing the traffic to resume, albeit the lineup of congestion built up significantly since the incident and may take days to resume to normal levels. More than 450 vessels of all types were waiting at the peak of congestion on either side of the canal to pass, while there were reported cases of ships ordered to deviate through the Cape of Good Hope.
The sectors impacted the most from this situation are those of tankers and containers.
We immediately saw an increase in tanker freight rates on routes which are directly related to the Suez Canal passage, with the increase in some cases being over 80.0% since the accident in 23rd March. The impact was immediate on Suezmax, with Aframax following, while the impact on LR2 and LR1s clean related trades could spill over into the next month, despite the situation being resolved.
The container sector has also been impacted as despite the refloating it is expected that it will take days for the backlog of vessels to pass the canal, while with the containers supply chain already strained, congestion at discharging ports could drive container freight rates back up after their recent easing from close to record high levels.
The impact in the dry bulk sector was expected to be lesser, however certain trades were at “risk”. More specifically mainly grain and iron ore trades out of Black Sea and USA/North Atlantic to the Far East are passing through the canal. More than 95 bulkers were waiting at the canal at the peak of the crisis and despite the fact that we didn’t see an immediate impact on freight, increased congestion when they discharge East might prompt an increase in rates later on.
Even one week of blockage has had an impact in commodities trading, adding to the ton miles through the deviation of Cape of Good Hope for those vessels that decided to do so. Supply chain disruptions via delivery delays and increased congestion at discharging ports at a 2nd stage are expected to extend well beyond the next week. Finally, it is worth noting that such incident might put back into focus the importance of economies of scale of the larger vessel classes, particularly in an increased bunkers consumption context that might be triggered and the relevant asset value differences revisited.
By Vasilis Moiris,
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Saturday, 01 August 20
ASIA HOPE FOR LONG-TERM OIL DEMAND - BALTIC BRIEFING
Oil demand in Asia Pacific might be expected to plunge 1.8m barrels per day (bpd) this year, but there are still strong prospects for growth over t ...
Friday, 31 July 20
SHORT-TERM IMPACT ON THE CHEMICAL SHIPPING MARKET IF THE INDIA-CHINA DISPUTE ESCALATES - DREWRY
Due to the India-China dispute, the threat of deteriorating trade relations between the two countries has become real. Meanwhile, we expect freight ...
Friday, 31 July 20
PANAMAX: THE PERIOD MARKET REMAINS QUIET WITH FEW FIXTURES REPORTED - FEARNLEYS
Capesize
After weeks of dropping rates, there are finally some resistance for the Capes. Pacific rounds improving to upper15,000s by the middle ...
Friday, 31 July 20
PANDEMIC SENDING SOUTH AFRICAN COAL INDUSTRY TO EARLIER GRAVE - IEEFA
Could South Africa’s coal export industry, one of the largest in the world, be about to take a severe hit from the coronavirus?
...
Friday, 31 July 20
BOTSWANA PLANS MORE COAL-FIRED POWER AS AFRICAN SOLAR ACCELERATES - IEEFA
An African economic leader like Botswana should embrace solar to reduce subsidies and tariff hikes
As Sub-Saharan solar ambition has ...
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- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Australian Coal Association
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
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