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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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Thursday, 07 July 22
COAL INDIA'S PRODUCTION SETS RECORD INCREASE OF 29% YOY AT 36 MT IN Q1FY23 - IIFL SECURITIES
Coal India Limited (CIL) has ended April-June quarter FY’23 capping a historic high of 29% yoy output growth, compared to same quarter FY&rsq ...
Wednesday, 06 July 22
MARKET INSIGHT - INTERMODAL
Following the 3rd Decarbonizing Shipping Forum, held in Hamburg on June 2022, there has been a meaningful resurgence of discussions within the ship ...
Tuesday, 05 July 22
WHY ARE VLSFO PRICES SO HIGH, ESPECIALLY IN SINGAPORE? - STEVE CHRISTY, INTEGR8 FUELS
Tightness in products still trumps talks of recession
Last month we wrote about the fears of recession versus the tightness in product markets ...
Tuesday, 05 July 22
ADANI ENTERPRISES LOWEST BIDDER IN COAL INDIA'S IMPORT TENDER: REPORT - BUSINESS STANDARD
Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report ...
Tuesday, 05 July 22
CHINA POLICY KEY FOR IRON ORE OUTLOOK - ING
China’s covid lockdowns and recessionary risks hit iron ore
Iron ore prices have fallen significantly from their year-to-date high of US$ ...
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- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Commonwealth Bank - Australia
- PTC India Limited - India
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Australian Coal Association
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
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