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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, 30 August 13
US COAL PRODUCTION FELL 0.48 PERCENT WEEK ON WEEK - EIA
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.70 million short tons (mmst) of ...
Thursday, 29 August 13
HANDY: THE PACIFIC MARKET STARTED HEALTHY THIS WEEK - FEARNRESEARCH
Handy
The Pacific market started healthy this week. We have seen many bauxite, iron ore and few coal fixtures. Ships passing Singapore were able to ...
Thursday, 29 August 13
NO RATING IMPACT ON INDONESIAN ENERGY COMPANIES FROM RUPIAH DEPRECIATION - FITCH RATINGS
Fitch Ratings says the credit profiles of rated Indonesian energy and utilities companies, including thermal coal producers, will largely remain una ...
Wednesday, 28 August 13
THE BDI HAS MOVED TO LEVELS CONSIDERABLY STRONGER THAN THE BEGINNING OF THE YEAR - INTERMODAL
By George Bassakos
SnP Broker - Intermodal
We have already reached the end of August and whilst students are preparing themselves for another sc ...
Tuesday, 27 August 13
AUSTRALIA NEWCASTLE COAL EXPORTS JUMPED 15.59 PERCENT ON WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 15.59 per cent week on week to 2.76 million mt for ...
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- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- The University of Queensland
- Australian Coal Association
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Aditya Birla Group - India
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