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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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Tuesday, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
Tuesday, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
Thursday, 17 February 22
MAJOR INSTITUTIONS PROVIDED OVER $1.5 TRLN TO COAL SECTOR IN 2019-2021, SAYS NGO GROUP - REUTERS
Financial institutions channelled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even ...
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- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Petron Corporation, Philippines
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
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