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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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- The University of Queensland
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Planning Commission, India
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
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