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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, 01 December 21
MARKET INSIGHT - INTERMODAL
Essentially, anyone involved in the shipping and commodity markets still struggle with commodity supply issues and skyrocketing prices in the conte ...
Tuesday, 30 November 21
CHINA'S TOP ECONOMIC PLANNER SUMMONS COAL PRODUCERS; LONG-TERM PRICING MECHANISM IS ADVISED - GLOBAL TIMES
China’s top economic planner the National Development and Reform Commission (NDRC) said on Monday that they summoned coal producers for a hea ...
Tuesday, 30 November 21
CHINA'S COAL PRICES PLUNGE AFTER GOVT SIGNALS MORE PRICE REGULATION - REUTERS
China’s thermal coal futures dropped 5.6% on Monday after the state economic planner signaled further regulations for prices of the dirty pow ...
Friday, 26 November 21
AS COAL MARKET STABILIZES, CHINA STEPS UP NATURAL GAS SUPPLY TO MEET WINTER DEMAND - GLOBAL TIMES
The daily supply of natural gas in China has exceeded 1 billion cubic meters (bcm) since November began, up 11 percent year-on-year, data from stat ...
Friday, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
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- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- PTC India Limited - India
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
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