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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
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
Wednesday, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall ...
Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 & ...
Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
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- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
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