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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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Saturday, 23 July 22
STABILITY OF RUSSIAN GAS FLOWS REMAIN UNCERTAIN, DESPITE THE REOPENING OF NORD STREAM - WOOD MACKENZIE
Gazprom confirmed today that regular annual maintenance of Nord Stream is officially over and gas flows restarted at 63 million cubic metres per da ...
Friday, 22 July 22
MARKET INSIGHT - INTERMODAL
Faced with uncertainty regarding the most cost-efficient alternative fuels and the future dominant method to reduce their greenhouse emissions, man ...
Friday, 22 July 22
YANCOAL AUSTRALIA CUTS 2022 COAL OUTPUT VIEW AS FLOODS, COVID BITE - REUTERS
Coal miner Yancoal Australia Ltd YAL.AX cut its 2022 output forecast on Wednesday, signalling a hit from higher-than-expected rainfall, COVID-19-le ...
Wednesday, 20 July 22
BOOST FOR BIOFUELS AS IMO REMOVES REGULATORY HURDLE - GARD
MARPOL Annex VI regulations were written for petroleum derived fuels but also apply to biofuels. It has been a challenge to meet the regulatory req ...
Wednesday, 20 July 22
INDONESIA’S COAL EXPORTS TO THE EU INCREASED SIGNIFICANTLY RECENTLY
European countries have increased coal imports from Indonesia due to the energy crisis that hit the region after Russia cuts gas exports to Europe. ...
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- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Planning Commission, India
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- The Treasury - Australian Government
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- PTC India Limited - India
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
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