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Wednesday, 31 March 21
MARKET INSIGHT - INTERMODAL
 Over the past week, the biggest story has been the blockage of the Suez Canal, as a result of the grounding of the container ship Ever Given. At the time of writing the vessel has been refloated allowing the traffic to resume, albeit the lineup of congestion built up significantly since the incident and may take days to resume to normal levels. More than 450 vessels of all types were waiting at the peak of congestion on either side of the canal to pass, while there were reported cases of ships ordered to deviate through the Cape of Good Hope.
The sectors impacted the most from this situation are those of tankers and containers.
We immediately saw an increase in tanker freight rates on routes which are directly related to the Suez Canal passage, with the increase in some cases being over 80.0% since the accident in 23rd March. The impact was immediate on Suezmax, with Aframax following, while the impact on LR2 and LR1s clean related trades could spill over into the next month, despite the situation being resolved.
The container sector has also been impacted as despite the refloating it is expected that it will take days for the backlog of vessels to pass the canal, while with the containers supply chain already strained, congestion at discharging ports could drive container freight rates back up after their recent easing from close to record high levels.
The impact in the dry bulk sector was expected to be lesser, however certain trades were at “risk”. More specifically mainly grain and iron ore trades out of Black Sea and USA/North Atlantic to the Far East are passing through the canal. More than 95 bulkers were waiting at the canal at the peak of the crisis and despite the fact that we didn’t see an immediate impact on freight, increased congestion when they discharge East might prompt an increase in rates later on.
Even one week of blockage has had an impact in commodities trading, adding to the ton miles through the deviation of Cape of Good Hope for those vessels that decided to do so. Supply chain disruptions via delivery delays and increased congestion at discharging ports at a 2nd stage are expected to extend well beyond the next week. Finally, it is worth noting that such incident might put back into focus the importance of economies of scale of the larger vessel classes, particularly in an increased bunkers consumption context that might be triggered and the relevant asset value differences revisited.
By Vasilis Moiris,
SnP Broker
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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Saturday, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
Saturday, 08 May 21
THE COAL-TO-RENEWABLES TRANSITION TAKES OFF - IEEFA
Pre-Biden changes underscore coming 10-year wave of coal plant retirements
The traditional S-curve growth exhibited by disruptive te ...
Friday, 07 May 21
CHINA'S TOTAL COAL IMPORTS FOR 2020 REACHED A VOLUME OF 304 MILLION TONS - ASSOCARBONI
Our benchmarks, manufacturing Countries like China, Germany, Japan, India, South Korea and Taiwan will continue to use a mix of coal and nuclear to ...
Friday, 07 May 21
SEABORNE WORLD COAL TRADE CLOSED 2020 IN NEGATIVE - ASSOCARBONI
Coal confirmed its leadership as leading fuel for electricity generation also in 2020, accounting for 38% of overall production. For the first time ...
Friday, 07 May 21
INDONESIA'S THERMAL COAL EXPORTS IN 2020 DECREASED BY 13%; INDIA REMAINED THE TOP DESTINATION FOR INDONESIAN COAL - ASSOCARBONI
An increase in seaborne trade is forecast for 2022, driven by markets in Southeast Asia, where growing demand for coal from Bangladesh, the Philipp ...
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- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
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