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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 29 March 22
MEMR OF INDONESIA HAS FIXED COAL PRICE AT US$ 90 PER TONNE FOR DOMESTIC INDUSTRIES EXCEPT SMELTER INDUSTRIES; FOR PLN USD 70 IS APPLICABLE
Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif has set the selling price of coal for domestic, industrial except metal processing an ...
Monday, 21 March 22
A FORCE MAJEURE TO BE RECKONED WITH - BALTIC EXCHANGE
Sanctions cause payment confusion
This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercis ...
Monday, 21 March 22
CHINA'S COAL OUTPUT UP 10.3 PCT IN FIRST TWO MONTHS - XINHUA
China’s raw coal output posted fast growth in the first two months of 2022, while coal imports continued to shrink, official data showed.
...
Tuesday, 15 March 22
INDUSTRY VETERANS & ORGANIZATIONS HONOURED WITH THE PRESTIGIOUS SHIPTEK INTERNATIONAL AWARDS 2022
Press Release: The 15th edition of the prestigious ShipTek International Conference & Awards 2022 concluded successfully from March 7th - 8th 2 ...
Tuesday, 15 March 22
CHINA'S COAL OUTPUT GROWS TO STABILIZE MARKET SUPPLY - XINHUA
China’s coal market has seen growth in output since late February amid the country’s efforts to stabilize production and ensure supply, ...
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- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Australian Coal Association
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Singapore Mercantile Exchange
- The University of Queensland
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
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