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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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Friday, 30 April 21
HIGH-SULPHUR FUEL OIL SALES REBOUND AFTER PRE-IMO 2020 - BIMCO
HSFO sales are up 47.2% from Q1 2020, reaching 3.1m tonnes. This is however still less than a third of high-sulphur fuel sales in Q1 2019, before t ...
Wednesday, 28 April 21
MARKET INSIGHT - INTERMODAL
Despite the current challenges as a result of the global pandemic, 2021 is turning out to be a landmark year for the iron ore market with spot pric ...
Monday, 26 April 21
CHINA TO FURTHER CUT COAL USE IN 2021 - XINHUA
China aims to reduce the share of coal in its energy mix to less than 56% this year, according to a guideline released by the National Energy Admin ...
Wednesday, 21 April 21
COAL FINANCING COSTS HAVE SURGED IN PAST 10 YEARS - UNIVERSITY OF OXFORD - THE GUARDIAN
Coal financing costs have surged over the last decade as investors demand returns four times as high as the payoff required from renewable energy p ...
Tuesday, 20 April 21
US DOLLAR LIBOR TRANSITION IN ASSET FINANCE - WHERE ARE WE NOW? - WATSON FARLEY & WILLIAMS
Since our last article, there has been a raft of regulatory and market body announcements relating to the transition away from LIBOR and the follow ...
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- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
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