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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 30 April 21
HIGH-SULPHUR FUEL OIL SALES REBOUND AFTER PRE-IMO 2020 - BIMCO
HSFO sales are up 47.2% from Q1 2020, reaching 3.1m tonnes. This is however still less than a third of high-sulphur fuel sales in Q1 2019, before t ...
Wednesday, 28 April 21
MARKET INSIGHT - INTERMODAL
Despite the current challenges as a result of the global pandemic, 2021 is turning out to be a landmark year for the iron ore market with spot pric ...
Monday, 26 April 21
CHINA TO FURTHER CUT COAL USE IN 2021 - XINHUA
China aims to reduce the share of coal in its energy mix to less than 56% this year, according to a guideline released by the National Energy Admin ...
Wednesday, 21 April 21
COAL FINANCING COSTS HAVE SURGED IN PAST 10 YEARS - UNIVERSITY OF OXFORD - THE GUARDIAN
Coal financing costs have surged over the last decade as investors demand returns four times as high as the payoff required from renewable energy p ...
Tuesday, 20 April 21
US DOLLAR LIBOR TRANSITION IN ASSET FINANCE - WHERE ARE WE NOW? - WATSON FARLEY & WILLIAMS
Since our last article, there has been a raft of regulatory and market body announcements relating to the transition away from LIBOR and the follow ...
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- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Minerals Council of Australia
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
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