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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, 03 November 21
CHINA TO LAUNCH NEW DATA MONITORING SYSTEM, TARGETING COAL MARKET SPECULATION, HOARDING - GLOBAL TIMES
China’s top economic planner announced on Sunday a new data system for supervising the implementation of medium- and long-term contracts of c ...
Wednesday, 03 November 21
CHINA’S STATE PLANNER SAYS COAL SUPPLY IMPROVING, PRICES STABILISING - REUTERS
China’s coal supply situation has seen significant improvement with joint efforts from coal producers, logistics and downstream users, while ...
Wednesday, 03 November 21
HIGHER COKING COAL PRICES TO PARE PROFITABILITY OF STEELMAKERS IN SECOND HALF OF FY22 - CRISIL RATINGS
The operating margin of primary steelmakers will reduce by a third to 24-26% in the second half of this fiscal versus the first half as input cost ...
Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stati ...
Monday, 01 November 21
COAL PRICES HAVE FURTHER ROOM TO DROP: TOP ECONOMIC PLANNER - GLOBAL TIMES
China’s top economic planner said coal prices have further room to drop on Friday, as the most traded coal futures dropped to below 1,000 yua ...
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- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- PTC India Limited - India
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Australian Coal Association
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