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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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Tuesday, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electr ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
...
Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
Friday, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
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- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- White Energy Company Limited
- The University of Queensland
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
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