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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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Thursday, 21 January 21
LNG MARKET RIDING HIGH, BUT WILL THE GAINS CONTINUE? - DREWRY
The LNG market started 2021 on a high note with Asian spot prices crossing $30 per MMBtu while LNG shipping rates recorded a high $350k per day due ...
Thursday, 21 January 21
CHINA'S SPOT THERMAL COAL PRICES REFRESH RECORD HIGH - MYSTEEL
Despite the moderate rebound in temperatures across most regions of China after late December’s deep-freeze, thermal coal prices in the count ...
Wednesday, 20 January 21
CORONAVIRUS OUTBREAK IN HEBEI HAS LIMITED IMPACT ON CHINA'S STEEL INDUSTRY - FITCH RATINGS
The recent Covid-19 outbreak in the steel producing hub Hebei will not have material impact on China’s steel industry, Fitch Ratings says.
...
Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even s ...
Saturday, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
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- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Australian Coal Association
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Xindia Steels Limited - India
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
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