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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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Sunday, 18 April 21
INDONESIA LIKELY TO WITNESS 119 OIL AND GAS PROJECTS STARTS ACROSS VALUE CHAIN BY 2025, SAYS GLOBALDATA
Indonesia is expected to witness 119 oil and gas projects commencing their operations across value chain during 2021-2025, accounting for 6% of the ...
Sunday, 18 April 21
WORLDSTEEL RAISES 2021 STEEL DEMAND GROWTH FORECAST TO 5.8% - WORLDSTEEL
The World Steel Association (worldsteel) today released its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that steel demand wil ...
Sunday, 18 April 21
CHINA'S Q1 COAL OUTPUT RISES 16% ON STRONG DEMAND FOR WINTER HEATING - REUTERS
China’s coal output rose 16% in the first quarter from the same period last year, bolstered by strong demand for winter heating and robust in ...
Wednesday, 14 April 21
INDIA HAS A RECORD LEVEL OF STOCKPILED COAL DAMPENING NEED FOR NEW DOMESTIC MINES - IEEFA
Proposed coal mining expansions at odds with excess supply
India has stockpiled a record 132 million tonnes of coal – enough t ...
Wednesday, 14 April 21
BANGLADESH NEEDS A RENEWABLES FOCUS, NOT A SWITCH FROM 'COAL TO GAS' - IEEFA
Renewables are cheaper and more sustainable than gas imports, and can provide better energy security in developing nations
The emerg ...
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- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- PTC India Limited - India
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Deloitte Consulting - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- The University of Queensland
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
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