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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
SEEING RED? - WOOD MACKENZIE
What a Republican mid-term victory could mean for US energy and climate policy
According to current polling the Republican Party has ...
Thursday, 14 July 22
INDIA'S COAL IMPORTS HIT RECORD HIGH IN JUNE - REUTERS
India's coal imports hit a record high in June despite high global prices, data from three trade sources and Refinitiv ship tracking showed, as ...
Thursday, 14 July 22
CHINA'S JUNE COAL IMPORTS SLUMP AS TRADERS SHUN EXPENSIVE OVERSEAS CARGOES - REUTERS
China’s coal imports fell 33% in June from a year ago, with traders turning down expensive overseas cargoes in favor of domestic ones with ca ...
Wednesday, 13 July 22
KOWEPO TO IMPORT 2.79 MILLION TONS OF LOW TO MEDIUM COAL
COALspot.com: Korea Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1360k MT of Min.4400 kcal/kg NCV coal and Total 1 ...
Wednesday, 13 July 22
HAVE MINERS MISSED THE BOAT TO INVEST AND GET AHEAD OF THE ENERGY TRANSITION? - WOOD MACKENZIE
Miners are in rude health, benefiting from economic stimuli, the post-pandemic recovery and associated supply constraints. Initially the Ukraine wa ...
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- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Parliament of New Zealand
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Minerals Council of Australia
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
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