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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, 03 February 22
COAL SHORTAGE NOW AT ALARMING LEVELS, SAY ALUMINIUM PRODUCERS - IANS
With no relief in sight despite coal stocks running critically low and production disruptions looming across the Indian aluminium sector, the Alumi ...
Wednesday, 02 February 22
HIGH COKING COAL PRICES PROVIDE GLIMPSE INTO STEELMAKING'S FUTURE - MCKINSEY
Last year was a volatile one in global commodity markets. Demand for coking coal, an essential raw material in the production of steel, was extreme ...
Wednesday, 02 February 22
INDONESIA'S RESTRICTIONS ON COMMODITIES RATTLE MARKETS, MORE MOVES LIKELY - REUTERS
In just the first month of this year, Indonesian policymakers have rattled global markets with restrictions on some of its biggest commodities expo ...
Wednesday, 02 February 22
CHINA'S TOP COAL PRODUCER FORECASTS 28 PCT PROFIT GROWTH IN 2021 - XINHUA
China Shenhua Energy Company Limited, one of the country’s biggest coal producers, said its net profits are expected to jump by 28 percent in ...
Wednesday, 02 February 22
COAL STORAGE IN CHINA’S POWER PLANTS NEAR RECORD HIGHS - XINHUA
Coal inflows into China’s power plants have picked up, bringing their coal storage to near record highs, the National Development and Reform ...
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- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- White Energy Company Limited
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- The Treasury - Australian Government
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Central Electricity Authority - India
- VISA Power Limited - India
- Petron Corporation, Philippines
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