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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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Wednesday, 02 February 22
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- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Planning Commission, India
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
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