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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, 30 June 22
FINANCIAL GAINS SUPPORT COAL TRANSITION - BALTIC EXCHANGE
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North China’s Shanxi Province, a major coal-producing region, recently announced a move to increase its annual coal production output by 107 ...
Thursday, 30 June 22
DIVERGENCE BETWEEN HIGH- AND LOW-GRADE THERMAL COAL PRICES IN APAC TO NARROW - FITCH RATINGS
Prices between high- and low-grade thermal coal in Asia-Pacific (APAC) have diverged since late March 2022, but Fitch Ratings expects the gap to na ...
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- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Australian Coal Association
- Tata Chemicals Ltd - India
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- White Energy Company Limited
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
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