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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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Sunday, 18 April 21
INDONESIA LIKELY TO WITNESS 119 OIL AND GAS PROJECTS STARTS ACROSS VALUE CHAIN BY 2025, SAYS GLOBALDATA
Indonesia is expected to witness 119 oil and gas projects commencing their operations across value chain during 2021-2025, accounting for 6% of the ...
Sunday, 18 April 21
WORLDSTEEL RAISES 2021 STEEL DEMAND GROWTH FORECAST TO 5.8% - WORLDSTEEL
The World Steel Association (worldsteel) today released its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that steel demand wil ...
Sunday, 18 April 21
CHINA'S Q1 COAL OUTPUT RISES 16% ON STRONG DEMAND FOR WINTER HEATING - REUTERS
China’s coal output rose 16% in the first quarter from the same period last year, bolstered by strong demand for winter heating and robust in ...
Wednesday, 14 April 21
INDIA HAS A RECORD LEVEL OF STOCKPILED COAL DAMPENING NEED FOR NEW DOMESTIC MINES - IEEFA
Proposed coal mining expansions at odds with excess supply
India has stockpiled a record 132 million tonnes of coal – enough t ...
Wednesday, 14 April 21
BANGLADESH NEEDS A RENEWABLES FOCUS, NOT A SWITCH FROM 'COAL TO GAS' - IEEFA
Renewables are cheaper and more sustainable than gas imports, and can provide better energy security in developing nations
The emerg ...
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- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- White Energy Company Limited
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- PTC India Limited - India
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Planning Commission, India
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
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