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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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Thursday, 23 July 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 1.36 MILLION TONS OF BITUMINOUS COAL FOR OCTOBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 1,360,00 ...
Wednesday, 22 July 20
CIL'S COAL SUPPLY TO POWER SECTOR DROPS OVER 21% TO 93.5 MT IN APR-JUN QUARTER - PTI
The supply of coal by state-owned Coal India Ltd to the power sector fell 21.7 percent to 93.5 million tonnes (MT) in the first quarter of the ongo ...
Monday, 20 July 20
KOREA MIDLAND POWER INVITED BIDS FOR TOTAL 2.520 MILLION MT OF BITUMINOUS COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO), has issued an international tender for total 840,000 of Bituminous Coal to be used at Bo ...
Monday, 20 July 20
CHINA'S JUNE COAL OUTPUT FALLS 1.2% YEAR-ON-YEAR OVER ILLEGAL MINING CHECKS - REUTERS
China’s coal output dropped 1.2% in June on the year to 330 million tonnes, official data showed, as major coal mining areas cracked down on ...
Monday, 20 July 20
COAL INDIA LAUNCHES SPECIAL CATEGORY OF E-AUCTION FOR COAL IMPORTERS - BUSINESS STANDARD
Coal India (CIL) on Friday launched a special category of e-auction for importers of coal. This is in line with the government’s declaration ...
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- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Economic Council, Georgia
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- The University of Queensland
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
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