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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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Monday, 20 July 20
OIL PRICE OF $40-43 PER BARREL MORE OR LESS BALANCED - NOVAK | TASS
The Russian Ministry of Energy considers the current oil price of $40-43 per barrel more or less balanced and does not expect price changes after t ...
Monday, 20 July 20
SUPRAMAX: A 63,000 OPEN NORTH CHINA FIXING AN AUSTRALIAN ROUND IN THE LOW $10,000S - BALTIC BRIEFING
Capesize
The capesize market showed some resistance this week to recent losses as all routes saw a small uptick in value to end the week. With ...
Friday, 17 July 20
MISC MALAYSIA ENTERS INTO PURCHASE AGREEMENTS AND TIME CHARTER PARTIES FOR SIX VLECS
MISC Berhad (MISC) has entered into Memorandum of Agreements (MOAs) with six indirect wholly-owned subsidiaries of Zhejiang Satellite Petrochem ...
Wednesday, 15 July 20
HOW MEANINGFUL ARE SOME ESTIMATES FOR INDIA’S COAL CONSUMPTION DATA? - IEEFA
In recent years, BP's estimates for India have contained what appears to be a record of over-optimistic projections
BP’s a ...
Wednesday, 15 July 20
CHINA'S JUNE COAL IMPORTS FALL 6.7% Y/Y ON PORT CURBS - REUTERS
China’s coal imports dropped 6.7% in June from the same period last year, as stringent import restrictions at ports impeded purchases by trad ...
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- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Vedanta Resources Plc - India
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Coal and Oil Company - UAE
- ASAPP Information Group - India
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