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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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Tuesday, 09 November 21
ASIA-PACIFIC IS HOME TO SOME OF THE WORLD'S LARGEST CARBON-EMITTERS - 2 CHARTS SHOW ITS RELIANCE ON COAL - CNBC
Asia-Pacific is home to some of the world’s largest carbon emitters — and experts say much of global efforts to fight climate change de ...
Tuesday, 09 November 21
CHINA DAILY COAL OUTPUT HITS MULTI-YEAR PEAK, PRICES EXPECTED TO FALL - REUTERS
China’s daily coal output hit 11.93 million tonnes last week, a multi-year high as more capacity returned to operation, the state planner sai ...
Thursday, 04 November 21
CHINA'S COAL MARKET SEES SIGNIFICANT IMPROVEMENTS: NDRC - GLOBAL TIMES
China’s top economic planner has declared initial success in its efforts to ensure coal supply and stabilize prices, saying that daily coal o ...
Thursday, 04 November 21
CHINA THERMAL COAL PRICES RISE AFTER FALLING FOR 10 DAYS - REUTERS
China thermal coal futures rebounded on Wednesday after falling for 10 days on an expected jump in fuel demand to meet heating needs amid forecasts ...
Thursday, 04 November 21
FASTER DECARBONISATION: BACK TO BASICS FOR THE MINING INDUSTRY? - WOOD MACKENZIE
To the uninitiated, rugby is a technical and complicated game. As young schoolboys it was all a wee bit confusing and we invariably ended up on the ...
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- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- The University of Queensland
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
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