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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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Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
Thursday, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
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- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- The University of Queensland
- Mjunction Services Limited - India
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
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