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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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Monday, 06 December 21
CHINA SETS 2022 ANNUAL THERMAL COAL PRICES AT 700 YUAN/T - MEDIA: REUTERS
China’s top economic planner has proposed to set annual thermal coal prices for 2022 at between 550 yuan and 850 yuan ($86-$133) per tonne, a ...
Thursday, 02 December 21
BUMI RECORDED US$ 666.18 MILLION AS REVENUE IN THE 3RD QUARTER, UP 13.31% YOY
PT Bumi Resources Tbk and its subsidiaries have recorded a surge in revenue in the third quarter of 2021. BUMI has recorded US$ 666.18 million as r ...
Thursday, 02 December 21
CHINA'S COAL CRUNCH IS OVER, BUT PRICES ARE STILL TOO HIGH - REUTERS
China’s coal crisis has largely been resolved with gains in both production and stockpiles sufficient to ensure power supplies over winter.
...
Wednesday, 01 December 21
2022 OUTLOOK: INDONESIAN COAL MINING - FITCH RATINGS
Fitch Ratings has a neutral outlook on the Indonesian coal sector for 2022.
Earnings generation should slow down as selling pr ...
Wednesday, 01 December 21
SUPPLY OF COAL TO POWER PLANTS IN NOV MORE THAN CONSUMPTION: JOSHI - PTI
The supply of coal to power plants in November is more than the consumption, resulting in rise in stock of dry fuel at power plants, and this trend ...
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- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- GMR Energy Limited - India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
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