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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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Thursday, 25 March 21
'OMNIBUS LAW' REGULATION ON INDONESIA’S ENERGY AND MINING SECTORS TO BOOST COAL PROCESSING BUT ALSO RAISES QUESTIONS - ABNR
February 2021 saw the issuance of a raft of new government regulations to give effect to the reformist Job Creation Law (colloquially known as the ...
Thursday, 25 March 21
PROPOSED SWITCH FROM COAL TO LNG THREATENS RENEWABLE ENERGY DEVELOPMENT IN ASIA - IEEFA
Renewables offer an ever cheaper, financially sustainable and energy secure alternative, better able to support developing nations
A ...
Thursday, 25 March 21
MAJOR INVESTMENT ADVISORS BLACKROCK AND MEKETA PROVIDE A FIDUCIARY PATH THROUGH THE ENERGY TRANSITION - IEEFA
BlackRock and Meketa say divestment from fossil fuels improves, not weakens, investment returns
Two major financial management firms ...
Thursday, 25 March 21
EUROPE PASSES MILESTONE WITH HALF OF COAL PLANTS CLOSED OR SET TO RETIRE BY 2030 - EURACTIV
Half of Europe’s 324 coal-fueled power plants have either closed or announced a retirement date before 2030, it emerged on Monday (22 March) ...
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 s ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Planning Commission, India
- Heidelberg Cement - Germany
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Bhatia International Limited - India
- The University of Queensland
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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