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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, 25 November 21
SE ASIA POWER DEMAND TO RISE AS STATE SUPPORT MITIGATES COVID-19 IMPACT - FITCH RATINGS
Electricity demand in south-east Asia is likely to increase in 2021, following slow growth or contraction in 2020, thanks to state support that has ...
Thursday, 25 November 21
FITCH RATINGS INCREASES MOST GLOBAL METALS AND MINING PRICE ASSUMPTIONS - FITCH RATINGS
Fitch Ratings has increased most metals and mining price assumptions, particularly those that benefit from increased longer-term demand due to glob ...
Thursday, 25 November 21
CHINA'S COAL PRICE DROPS IN MID-NOVEMBER AMID GOVERNMENT’S SWEEPING MEASURES - GLOBAL TIMES
China’s coal prices have dropped significantly in mid-November compared with the beginning of the month, with the price of coking coal and co ...
Wednesday, 24 November 21
MARKET INSIGHT - INTERMODAL
Inflation is the word that has dominated the meetings of foreign leaders and finance ministers in recent weeks, as rising energy costs, supply chai ...
Wednesday, 24 November 21
WHY THIS MINING ANALYST IS UPBEAT ON THE IRON ORE PRICE FORECAST - MOTLEY FOOL
In many ways, 2021 can be called the year of the iron ore price. Much of the talk of the ASX town this year has revolved around this key economic m ...
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- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Planning Commission, India
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- The University of Queensland
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
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