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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, 19 July 22
DRY BULK MARKET: CAPESIZE MARKET FIRMS THIS WEEK - BALTIC EXCHANGE
Capesize
Firmer sentiment across both basins pushed the Capesize 5TC route average above the $20,000 threshold this week, closing at $24,209. A ...
Tuesday, 19 July 22
WHY SHIPPING MIGHT BE ABOUT TO GET A LITTLE BIT SLOWER - WORLD ECONOMIC FORUM
If shipping is the beating heart of global trade, its pulse is about to get slower.
Faced with uncertainty about which fuels to use in the long ...
Tuesday, 19 July 22
GERMANY'S INCREASED COAL, OIL USE WILL BE TEMPORARY, SCHOLZ SAYS - CNBC
Chancellor Olaf Scholz says Germany’s decision to reactivate coal and oil-fired power plants to relieve energy shortages because of the war i ...
Tuesday, 19 July 22
INDONESIA REMOVES PALM OIL EXPORT LEVY UNTIL AUG. 31 - REUTERS
Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finan ...
Tuesday, 19 July 22
CHINA'S JUNE DAILY COAL OUTPUT JUMPS ON PEAK SUMMER DEMAND - REUTERS
China’s daily coal output in June rose 6.6 per cent from a month earlier as miners cranked up output ahead of peak summer temperatures, when ...
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- Parliament of New Zealand
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- The University of Queensland
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
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