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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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Tuesday, 06 August 13
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- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Parliament of New Zealand
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- VISA Power Limited - India
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Australian Coal Association
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Orica Australia Pty. Ltd.
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