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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Sunday, 21 February 21
ANZ DIVESTING FROM THE WORLD’S LARGEST COAL EXPORT PORT IS 'PRAGMATISM' - IEEFA
The biggest buyers of Australian thermal coal have committed to net-zero emissions
ANZ, Australia’s third largest bank, has decided to s ...
Sunday, 21 February 21
EDITORIAL: TIME FOR BANGLADESH TO FOCUS ON RENEWABLE ENERGY, NOT COAL - DHAKA TRIBUNE
Shifting away from coal is not only desirable, but absolutely necessary in these times.
In spite of being detrimental to environment ...
Wednesday, 17 February 21
STRANDED ASSETS A LONG-TERM RISK FOR MAJOR FOSSIL FUEL EXPORTERS - FITCH RATINGS
Fossil exporters face a loss of GDP, government revenue and export receipts from the transition to a lower-carbon economy over the coming decades. ...
Friday, 12 February 21
U.S: WIND SURPASSED COAL AS NO. 1 FUEL SOURCE IN 2020 FOR SOUTHWEST POWER POOL - IEEFA
Wind energy growth due to geography, design factors, and new installations
Wind surpassed coal as the primary power generation sourc ...
Wednesday, 10 February 21
FY21 COAL DEMAND MAY BE LOWER THAN PREVIOUSLY ESTIMATED DUE TO COVID-19: PRALHAD JOSHI - PTI
Coal demand in the current fiscal may be lower than the initial estimate of 1,085 million tonnes (MT) due to the impact of COVID-19, Parliament was ...
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- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- White Energy Company Limited
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Australian Coal Association
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
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