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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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Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
Wednesday, 27 January 21
MARKET INSIGHT - INTERMODAL
As we have entered the era off renewable energies, all industries globally give max effort to minimize their carbon footprint and consequently thei ...
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- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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