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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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Friday, 06 September 24
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The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
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