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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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Wednesday, 03 February 21
MARKET INSIGHT - INTERMODAL
"2020 the year from hell for the entire world, had everything for shipowners. The introduction of the sulphur cap and VLSFO, a Pandemic outbre ...
Tuesday, 02 February 21
WILL THE ELECTRONIC B/L BE FULLY IMPLEMENTED? FIVE POINTS TO CONSIDER - MOL
KNOWLEDGE TO ELEVATE
The trend towards digitization of Bills of Lading (B/L) has begun to attract attention in the trade and shipping industrie ...
Monday, 01 February 21
A 56,000-DWT OPEN MANILA WAS FIXED FOR A TRIP VIA INDONESIA REDELIVERY CHINA AT $11,500 - THE BALTIC BRIEFING
Capesize
The Capesize routes endured a week of slippage on rates, bringing the market back down to levels seen at the beginning of the month. D ...
Monday, 01 February 21
PAKISTAN: COAL DEMAND EXPECTED TO SPIKE IN 2021 - DAWN
Coal demand is expected to remain upbeat in 2021 as more coal-fired and captive power plants are coming up in the current year.
Acco ...
Friday, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
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- The University of Queensland
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- PTC India Limited - India
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
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