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Wednesday, 24 March 21
MARKET INSIGHT - INTERMODAL
 Since the start of the pandemic, the shipping industry has efficiently responded to ensure the continuity of operations and hence the security of supply of goods. We are witnessing an ongoing situation that is still evolving and the effects could be profound and long-term. Accordingly, how the shipping industry will look like post the pandemic is clouded and yet to be seen.
With international transport at the cutting edge of trade and dependent on travel and human interaction, the maritime industry has been wedged both directly and indirectly from the covid-crisis.
Focusing on the EU trade it has been reported that the number of vessel calls at EU ports declined by about 10.2% in 2020 compared to 2019. However, in February 2019, there were 50,823 ship calls at EU ports versus February 2021 that there were 51,157 ship calls. Therefore, it has lately been ascertained that the number of calls have increased by 1% in comparison with 2019, as trade activity in certain shipping sectors has rebounded YTD in 2021.
The most significantly impacted sectors basis vessel’s calls at EU ports between 2019 and 2021, have been the cruise sector, passenger ships, refrigerated cargo vessels and vehicle carriers. In 2020, the ship traffic from Europe to China and the US has declined when compared to same periods in 2019 while this destructive trend continues in 2021 for certain shipping sectors. The EMSA report has indicated that the Cruises’ sector was the most heavily impacted one by the outbreak. Other sectors were also affected, but in general the trade didn’t cease with the main beneficiary over the past few months being the containers sector. As the epidemic continues to roll, ports have faced an unprecedented number of vessels at anchor and vessels queue-up waiting to discharge with logistics disruptions contributing to multi-year high container freight rates.
During 2020, the imports from China to EU were heavily impacted especially since May 2020 and onward with only 36% of their usual volume of port calls coming into the EU from China. In reference to exports from Europe to China the first leading decline occurred in March 2020 with the number of port calls originated by the EU and destined to China, equal to only 58% of the volume of these port calls when compared with May 2019. Furthermore, USA used to be the biggest trading partner of the EU, but volumes were severely impacted, and China emerged instead as its largest trading partner. Asia’s exports to the West have emerged stronger in early 2021 with US containerized imports in particular - from Asia estimated up by approx. 29.0% y-o-y. The trend looks set to continue and is expected to exacerbate container vessels congestion in the west, as demand emerges stronger amid an unprecedented stimulus package in the US.
Unluckily, this worldwide outbreak has imposed urgent challenges for both the import and export trade for most of the ports around the globe. In addition, various disputes arose between Charterers and Owners, in reference to vessels’ hire period, lay-time, and discussions of relevant clauses. Repeatedly, the force majeure of the pandemic and the quarantine time prevented the contract completion as initially agreed and accordingly, the hire period agreement was surpassed in many charter parties worldwide. However, in sequence, the multiplier effect to trade from stimuli across the globe, excess consumer savings and increased congestion at ports has led certain shipping sectors to experience multi-year or record high freight rates with the hope that the new upward cycle that has emerged will be sustained.
As a general comment, despite the difficulties, commercial ship operations, ports and other maritime transport sectors have continued to operate ensuring the movement of products and proving the strategical value of maritime for our livelihoods.
By Katerina Restis,
Tanker Chartering
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, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- The Treasury - Australian Government
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
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