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Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
 The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While countries are still recovering from the pandemic, the economic impact might be upsetting, depending on the extent of the conflict and the duration and scope of the sanctions imposed. All financial setbacks may take time to materialize, though this new reality is already having an impact on the shipping industry. Financial institutions, investments in the Russian market, goods exports, and access to EU financial markets have all been restricted, thus shutting off Russia's ability to interact, obtain credit, and trade with the rest of the world.
Recently, out of approximately 44k bulk and tanker vessels operating in the world, approximately 2k vessels are owned by Russian registered companies. This indicates that any shipping company, trader or bank being in business with Russian corporations is exposed to risk, as they could be banned at any time. All forthcoming contracts, including those involving Russian businesses and vessels, are in danger of being cancelled or renegotiated in light of this uncertainty. Additionally, OFAC has so far sanctioned Sovcomflot shipping, owning nearly 230 tankers and accordingly these growing sanctions may further result in the exclusion of over 2k Russian vessels from the international charter market instantly. Moreover, the UK unveiled a new package of sanctions against Russia that includes a move to ban Russian vessels from accessing UK ports, even though many were en-route to UK ports as reported.
Furthermore, BP has announced that will exit its 19.75% shareholding in Rosneft that accounts for over half of BP's oil and gas reserves and a third of its production resulting in charges of up to $25 billion. Also, it is reported that Norwegian energy giant Equinor will start the process of separating from its joint ventures in Russia. The disruption of calls to Ukraine's and Russia's ports is forcing cargo already loaded to be redirected and discharged at other ports, escalating congestion. Additionally, it is reported that the world's biggest container ship operators - A.P. Moller-Maersk A/S and Mediterranean Shipping Co., stated they would temporarily suspend services to Russian ports, including those far from the conflict in Ukraine.
Meanwhile, regarding the tanker market, sanctions have not yet targeted Russian oil, but vessel owners are proactively refusing to load Russian cargoes as only a few owners are now eager to transport Russian oil, resulting in an undersupply of ships at Russian export terminals. As a consequence, the tankers still willing to load Russian cargo are able to probe higher rates that are not representative of the market. Indicatively as reported a smaller Aframax loading Russian crude is getting paid $130k/day, up from $5k/day last week. In addition, Russia and Ukraine are major labor suppliers to the international fleet. Ship-owners are facing up to the prospect of huge seafarer shortages and imminent difficulties in getting thousands of crew in and out of Ukraine during the crisis, while sanctions are likely to make it difficult for Ukrainian or Russian seafarers to be paid.
The Black Sea ports of Russia and Ukraine are major export hubs for wheat, corn, and crude oil. The economic and agricultural impact of this conflict has yet to be fully disclosed, while the Black Sea region is the world's second-largest grain-exporting region in 2021, with 111.2 million tons of cargo with Russia and Ukraine accounting for 30% of worldwide wheat exports. The latent shift in global agricultural trade may result to an augmented buying interest for US and South American corn and Australian and Canadian barley.
To sum up, for the modern world the last several days have been an emotional rollercoaster. Many organizations are bewildered and overwhelmed by the diverse implications of this conflict on their operations, as the pandemic's wounds were just beginning to heal. The conflict present in Ukraine is causing major disruption for the shipping industry, with many vessels trapped at ports, cargoes being derailed and freight rates rolling. The disruptions are adding strains to a global supply chain already stressed from two years of pandemic imbalances.
By Katerina Restis
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
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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Tuesday, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
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Tuesday, 26 July 22
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South America is now in the middle of its winter demand season. Last year the region increased its share of global LNG imports in winter, with Braz ...
Monday, 25 July 22
GLOBAL 2021 COAL-FIRED ELECTRICITY GENERATION SURGES TO RECORD HIGH - REUTERS
By contrast, mine output was still fractionally below the record set between 2012 and 2014 because older and less efficient coal generators have be ...
Saturday, 23 July 22
THE EU HAS BEEN REDUCING IMPORTS OF RUSSIAN REFINED OIL PRODUCTS SINCE MARCH - BANCHERO COSTA
The European Union could now ban the import and transit of fuel oil from Russia around six months ahead of the planned deadline, an EU official and ...
Saturday, 23 July 22
INDONESIA CONSIDERING SCRAPPING DOMESTIC SALES RULE FOR PALM OIL EXPORTS - REUTERS
Indonesia is considering removing a domestic sales requirement for palm oil exports because high inventories of the vegetable oil have been holding ...
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- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- MS Steel International - UAE
- ASAPP Information Group - India
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- VISA Power Limited - India
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
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