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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- McConnell Dowell - Australia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
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