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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, 21 February 21
ANZ DIVESTING FROM THE WORLD’S LARGEST COAL EXPORT PORT IS 'PRAGMATISM' - IEEFA
The biggest buyers of Australian thermal coal have committed to net-zero emissions
ANZ, Australia’s third largest bank, has decided to s ...
Sunday, 21 February 21
EDITORIAL: TIME FOR BANGLADESH TO FOCUS ON RENEWABLE ENERGY, NOT COAL - DHAKA TRIBUNE
Shifting away from coal is not only desirable, but absolutely necessary in these times.
In spite of being detrimental to environment ...
Wednesday, 17 February 21
STRANDED ASSETS A LONG-TERM RISK FOR MAJOR FOSSIL FUEL EXPORTERS - FITCH RATINGS
Fossil exporters face a loss of GDP, government revenue and export receipts from the transition to a lower-carbon economy over the coming decades. ...
Friday, 12 February 21
U.S: WIND SURPASSED COAL AS NO. 1 FUEL SOURCE IN 2020 FOR SOUTHWEST POWER POOL - IEEFA
Wind energy growth due to geography, design factors, and new installations
Wind surpassed coal as the primary power generation sourc ...
Wednesday, 10 February 21
FY21 COAL DEMAND MAY BE LOWER THAN PREVIOUSLY ESTIMATED DUE TO COVID-19: PRALHAD JOSHI - PTI
Coal demand in the current fiscal may be lower than the initial estimate of 1,085 million tonnes (MT) due to the impact of COVID-19, Parliament was ...
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- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
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- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- The University of Queensland
- London Commodity Brokers - England
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- VISA Power Limited - India
- GMR Energy Limited - India
- Posco Energy - South Korea
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
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- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
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- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
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