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