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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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Friday, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- The University of Queensland
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
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