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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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Monday, 08 January 24
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Friday, 05 January 24
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Friday, 05 January 24
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- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- White Energy Company Limited
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Xindia Steels Limited - India
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