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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, 27 February 21
FITCH RATINGS REVISES GLOBAL METALS AND MINING PRICE ASSUMPTIONS
Fitch Ratings has revised some of its metals and mining price assumptions as prices for many commodities will benefit in the short term from return ...
Saturday, 27 February 21
MITSUBISHI PULLS OUT OF VINH TAN 3 COAL PROJECT IN VIETNAM - NIKKEI ASIA
Japanese trading house Mitsubishi Corp. decided Thursday to withdraw from the Vinh Tan 3 coal-fired power plant project in Vietnam amid growing int ...
Thursday, 25 February 21
ARE WE ON THE CUSP OF ANOTHER MINING SUPER-CYCLE? - WOOD MACKENZIE
As the first wave of the coronavirus pandemic began to bite, many observers confidently predicted that the end was nigh for global economic activit ...
Thursday, 25 February 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR SEABORNE COAL TRADE - BANCHERO COSTA
Total loadings in the 12 months of 2020 were down -12.7% year-on-year to 1,130 million tonnes, according to vessels tracking data from Refinitiv, s ...
Wednesday, 24 February 21
MARKET INSIGHT - INTERMODAL
With yields of up to 563%, the shares of Greek shipping companies listed on Wall Street are recorded. The Coronavirus pandemic has not significantl ...
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- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Economic Council, Georgia
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Central Electricity Authority - India
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- The University of Queensland
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
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