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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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Saturday, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
Saturday, 08 May 21
THE COAL-TO-RENEWABLES TRANSITION TAKES OFF - IEEFA
Pre-Biden changes underscore coming 10-year wave of coal plant retirements
The traditional S-curve growth exhibited by disruptive te ...
Friday, 07 May 21
CHINA'S TOTAL COAL IMPORTS FOR 2020 REACHED A VOLUME OF 304 MILLION TONS - ASSOCARBONI
Our benchmarks, manufacturing Countries like China, Germany, Japan, India, South Korea and Taiwan will continue to use a mix of coal and nuclear to ...
Friday, 07 May 21
SEABORNE WORLD COAL TRADE CLOSED 2020 IN NEGATIVE - ASSOCARBONI
Coal confirmed its leadership as leading fuel for electricity generation also in 2020, accounting for 38% of overall production. For the first time ...
Friday, 07 May 21
INDONESIA'S THERMAL COAL EXPORTS IN 2020 DECREASED BY 13%; INDIA REMAINED THE TOP DESTINATION FOR INDONESIAN COAL - ASSOCARBONI
An increase in seaborne trade is forecast for 2022, driven by markets in Southeast Asia, where growing demand for coal from Bangladesh, the Philipp ...
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- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Minerals Council of Australia
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
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