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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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Wednesday, 15 July 20
MARKET INSIGHT - INTERMODAL
The Covid-19 virus spread around the world has obviously impacted the global oil demand while the situation remains fluid. The overall constraint ...
Tuesday, 14 July 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.75 PCT - XINHUA
China Taiyuan coal transaction price index stood at 126.01 points Monday, up 0.75 percent week on week.
The index, released by China ...
Tuesday, 14 July 20
TURKEY - A CASE OF UNDECLARED BUNKER - GARD
KNOWLEDGE TO ELEVATE
Undeclared/excess bunkers can be considered a criminal act by Turkish customs officials with the ship's crew being ac ...
Monday, 13 July 20
PANAMAX: A TUMULTUOUS WEEK IN THE PANAMAX MARKET ENSURED ALL MARKETS GAINED VALUE ON THE WEEK - BALTIC BRIEFING
Capesize
This week witnessed the dreaded correction in the Capesize market, with the time charter average shedding almost 18 per cent to close ...
Friday, 10 July 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Australian Coal Association
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
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