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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, 20 January 22
CHINESE COAL JUMPS OVER 6% ON PRE-HOLIDAY SUPPLY WORRY - REUTERS
China’s thermal coal futures soared more than 6% on Wednesday, hitting a level last seen in late November as investors grew concerned over ti ...
Thursday, 20 January 22
VIETNAM: COAL SECTOR SEES POSITIVE PROSPECT IN 2022 - VNA
With many signs of rising demand for coal in various economic sectors in 2022, the Vietnam National Coal – Mineral Industries Group (Vinacomi ...
Wednesday, 19 January 22
MARKET INSIGHT - INTERMODAL
Since the beginning of the year, we have been witnessing the BDI correcting downwards with sizable drops across all segments. Latest similar levels ...
Sunday, 09 January 22
INDONESIA MINISTER SAYS 'EMERGENCY OVER' ON COAL SUPPLY CRUNCH - REUTERS
Indonesia’s power emergency which has triggered a coal export ban is over but the government will still continue to discuss policies in this ...
Wednesday, 05 January 22
CHINA COAL FUTURES SURGE ON SUPPLY WORRIES AMID INDONESIA EXPORT BAN - REUTERS
China’s thermal coal futures surged by as much as 7.8per cent to kick off 2022 on concerns of supply disruptions after Indonesia, its biggest ...
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- Energy Development Corp, Philippines
- The University of Queensland
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Planning Commission, India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
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