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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Planning Commission, India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Electricity Authority, New Zealand
- PTC India Limited - India
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Anglo American - United Kingdom
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Australian Coal Association
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
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