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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- PTC India Limited - India
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
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