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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, 17 February 22
APAC THERMAL COAL PRICES TO EASE ON END OF INDONESIA EXPORT BAN - FITCH RATINGS
Fitch Ratings-Shanghai/Singapore-14 February 2022: APAC thermal coal prices are likely to come under pressure in the near term due to seasonally we ...
Tuesday, 15 February 22
IS ANOTHER COAL SHORTAGE CRISIS LOOMING OVER INDIA? - BUSINESS STANDARD
In December last year, the Federation of Indian Mineral Industries (FIMI) shot off a letter to the Prime Minister claiming that the coal crisis was ...
Tuesday, 15 February 22
THERMAL COAL'S RECORD PRICE RUN MAY END UP ITS OWN WORST ENEMY - REUTERS
The price of benchmark Australian thermal coal rose last week to trade near record highs, providing a short-term boost to producers but increasing ...
Thursday, 10 February 22
INDONESIA: COAL EXPORT BAN - SKULD
Indonesia's coal export ban in the light of force majeure and off-hire clauses
In January 2022, Indonesia, the world's biggest exporte ...
Thursday, 10 February 22
EIA ANALYSIS CONSIDERS DIFFERENT OUTCOMES FOR COAL MARKETS IN INDIA AND SOUTHEAST ASIA
In our International Energy Outlook 2021 (IEO2021) Issues in Focus: Uncertainty in Coal Trade in India and Greater Southeast Asia, we analyze three ...
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- Xindia Steels Limited - India
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- The University of Queensland
- Parliament of New Zealand
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
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