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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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Saturday, 06 March 21
AUSTRALIAN COAL: SOME WEAKNESS COULD MATERIALIZE AFTER THE WINTER - ING
Newcastle coal prices remain well supported for now, however as we move out of the winter months we would expect prices to come under pressure. Mea ...
Saturday, 06 March 21
ASIA SEABORNE COAL PRICES START TO RETREAT, CHINA-AUSTRALIA DISPUTE LINGERS - REUTERS
There are signs that the price and demand surge for coal during the recent colder-than-expected winter across North Asia is starting to ease, even ...
Thursday, 04 March 21
HEAD OF JBIC SAYS THE JAPANESE BANK WILL NOT FUND NEW COAL PLANT DEVELOPMENT - NHK NEWS
The governor of the Japan Bank for International Cooperation has said that the government-owned financial institution will stop funding new coal-fi ...
Wednesday, 03 March 21
MARKET INSIGHT - INTERMODAL
Following the recent rally to multi year highs of metal-based commodities, amid an unprecedented global economic stimulus, discussions of an emergi ...
Saturday, 27 February 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES DOWN - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Australian Coal Association
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
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