Russia demands full implementation of Black Sea grain deal | Offshore Jobs

Only its full implementation can save the Black Sea grain deal from collapse, Russia’s foreign ministry said on Thursday, reaffirming Moscow’s dissatisfaction with an accord that aims to prevent a global food crisis.

The deal, brokered by the United Nations and Turkey last July, allows Ukrainian grain trapped by the conflict to be safely exported from the country’s Black Sea ports.

But Russia has repeatedly said it will not allow the deal to be extended beyond May 18 unless the West removes obstacles to Russian grain and fertiliser exports.

“(The deal) is not a buffet you can pick and choose from,” Russian foreign ministry spokeswoman Maria Zakharova told a regular news conference in Moscow, adding that implementation of the deal so far had been unsatisfactory.

Russia and Ukraine are major grain producers, but Moscow says parts of the deal that are meant to allow it to export its own agricultural goods via the Black Sea are not being honoured.

Although Russia’s agricultural exports have not been explicitly targeted by Western sanctions, Moscow says restrictions on its payments, logistics and insurance industries – imposed over its military actions in Ukraine – have created a barrier to the export of its grains and fertilisers.

One of Russia’s main demands in negotiations is the reconnection of the Russian Agricultural Bank (Rosselkhozbank) to the SWIFT payments system.

Source: Hellenic Shipping News

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Price cap on Russian crude could soon face its biggest test | Offshore Jobs

Western price caps on Russian exports coincide with steep discounts on Russian crude and diesel — but not because of the caps themselves.

There are fewer buyers of Russia’s exports, with the EU, U.S., U.K. and Australia banning cargos altogether and others pulling back in fear of future sanctions. The lower the competition, the lower the price, thus the Russian discounts.

But the cap itself could soon come into play on the crude side, meaning the sanctions landscape for tankers could get a lot more complicated.

Russian Urals approaching price cap

The G-7 and EU implemented a $60-per-barrel cap for Russian crude on Dec. 5 and a $100-per-barrel cap for Russian diesel on Feb. 5.

G-7 and EU shipping service providers — including the all-important U.K. ship insurers — can participate in a voyage if they have written attestations that the cargo is priced below the cap.

Around a quarter of Russian seaborne exports are in the Pacific via the Eastern Siberia Pacific Ocean (ESPO) pipeline, loading in the port of Kozmino. The remaining export volume is primarily Urals grade crude loading in the Black Sea port of Novorossiysk and the Baltic Sea port of Primorsk.

According to price assessments by Argus, ESPO crude out of Kozmino is well above the cap and has been so since the beginning of sanctions. ESPO closed Thursday at $71.56 per barrel (based on the “free on board” or FOB price, which excludes shipping costs).

Now, the price of Urals is getting uncomfortably close to the cap. It is trading at a 35% discount to Brent, but as Brent rises in the wake of OPEC cuts and rebounding demand, Urals is now within a few dollars of the cap. Urals hit a recent high of $57 per barrel on Tuesday, according to Argus data.

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Container terminal operator margin pressure to ease | Maritime Union Of India

Container terminal operator earnings have declined as slowing trade and escalating costs have brought margins under pressure. But an improving economic outlook and falling energy costs are expected to provide some reprieve through the second half of the year.

Widespread easing of port congestion reduced average container dwell times at terminals and led to a corresponding fall in storage revenues in 4Q22, according to the latest readings from Drewry’s Global Container Terminal Revenue Index which is published in the Ports and Terminals Insight. In their financial statements, both APMT and Westports confirmed that their storage income has dropped back to 2020 levels.

Meanwhile, costs continued to rise, according to Drewry’s Global Container Terminal Cost Index, due to continuing inflationary pressure particularly from escalating labour and energy costs. This together with softening revenues put pressure on operator margins, sending Drewry’s Global Container Terminal Earnings Index down 19% YoY and 21% QoQ in the final quarter of last year (see chart).

The index measures quarterly changes in industry earnings per teu, based on the financial results of selected global terminal operators. A similar approach is used to measure indexed trends in terminal operator revenue and operating costs and all three indexes are updated quarterly in Drewry’s Ports and Terminals Insight.

Looking ahead, while weakening container traffic will depress total revenues, the impact on per unit revenues will be partially offset by inflation-linked annual tariff increases. Additionally, if carriers continue to use blank sailings to manage trade-lane capacity then average terminal dwell times could settle at a level above pre-pandemic norms which would see some of the storage revenue gains maintained.

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Adani Ports continues acquiring East Coast | Ocean Job

Adani Ports and SEZ (APSEZ) announced last week that it has acquired the distressed Karaikal port in Puducherry for ₹1,485 crore, strengthening its position in the East coast in the process. It increased Adani’s portfolio to 14 ports across India. The Chennai Bench of the National Company Law Tribunal has approved this acquisition on April 3.

In the last three years, APSEZ has acquired Krishnapatnam and Gangavaram ports in Andhra Pradesh in East Coast. It also runs ports/terminals at Dhamra, Kattupalli, Ennore and Visakhapatnam.

Karaikal port is a pricey catch for Adani in many ways, including the location; infrastructure and land base. It is the only major port between Chennai and Tuticorin, and its strategic location allows the port easy access to the industry-rich hinterland of Central Tamil Nadu.

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Draft ‘Sagarmala Innovation and Start-up Policy’ issued for Stakeholder Consultation | Marex

A nation’s growth is augmented by start-ups and entrepreneurs. In order to build a strong innovation ecosystem, the Ministry of Ports, Shipping and Waterways (MoPSW) issued draft on ‘Sagarmala Innovation and Start-up Policy’. This draft policy aims at nurturing start-ups and other entities to co-create the future of India’s growing maritime sector. This entails intensive collaboration of the organizations to build a strong eco-system facilitating innovation and Startups in the country that will drive sustainable growth and generate large scale employment opportunities. This enhances the cooperation and coordination between academic institutions, public sector, private sector and convergence of different schemes and programs to groom fresh ideas and approaches to resolve the issues and challenges to boost up the efficiency in the areas of operation, maintenance, and infrastructure development.

Shri Sarbananda Sonowal, Union Minister, MoPSW stated: “the start-up India policy is the brainchild of PM Modi and this is the right step taken by MoPSW to create a strong ecosystem for fostering start-ups and innovation in the nation. This will surely promote innovation and entrepreneurship. Through this policy, MoPSW wants to enable start-ups to grow and prosper through innovations”

The designed framework enables the distribution of responsibilities and benefits among the various stakeholders. This is not only limited to the existing stakeholders but also includes upcoming young entrepreneurs with innovative ideas.

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Adani Ports records largest ever port cargo volumes but misses full year guidance | Sailor Job

Adani Ports has recorded its largest port cargo volumes ever in the current financial year. With a total cargo volume of 339 million metric tonne (MMT), the company witnessed a growth of 9 percent year-on-year (YoY).

However, the figure was lower than the company’s guidance of 350-360 MMT for the full year, which it had maintained during its December quarter earnings.

For the month of March, Adani Ports handled 32 MMT of total cargo, crossing the 30 MMT mark for the first time since July last year. According to the company, it has been consistently increasing its market share in the past years, outperforming all of India’s cargo volume growth.

It has handled 8.6 MTUs of overall container volumes in India, with a Year-on-Year growth of 5 percent. Of this, 6.6 MTEUs came from Mundra, making it the largest container terminal in India. The company also handled over 5 lakh TEUs of container rakes, implying a year-on-year growth of 24 percent.

3,068 unique customers were serviced across its different business units, handling 6,573 ships, 40,482 rakes, and 48.89 lakh trucks, trailers and tankers.

During the year, the company handled the deepest container vessel and the largest vessel ever handled by any Indian port. Mundra also docked its first LNG-fueled vessel, Aframax Crude Oil Tanker, at its SPM facility.

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Global dealmaking sinks to lowest level in over a decade | Marine Jobs

Global mergers and acquisitions (M&A) activity shrank to its lowest level in more than a decade in the first quarter of 2023, as rising interest rates, high inflation and fears of a recession soured the appetite of companies for dealmaking.

M&A volumes during the first quarter slumped 48% to $575.1 billion as of March 30, compared to $1.1 trillion during the same period last year, according to data from Dealogic.

A banking crisis that started in the United States this month with Silicon Valley Bank and spread to Europe with the Swiss government-orchestrated sale of Credit Suisse Group AG to UBS Group AG (SIX:UBSG) roiled markets and stopped many deals in their tracks, investment bankers and lawyers said.

“The first quarter had extraordinary levels of volatility and uncertainty – more than expected going into the year. And that has the impact of postponing some announcements,” said Anu Aiyengar, global head of M&A at JPMorgan Chase & Co. (NYSE:JPM)

M&A volumes dropped 44% to $282.7 billion in the U.S. and 70% to $81.87 billion in Europe. Deal volumes in Asia Pacific fell 29% to $176.1 billion.

Graphic: Europe among the hardest hit, https://www.reuters.com/graphics/GLOBAL-DEALS/movakwaoqva/chart.png “Having a well-functioning financing market is a critical ingredient for M&A. Market volatility has clearly been a challenge and weighed on deal volumes in the quarter,” said Brian Haufrect, co-head of M&A for Americas at Goldman Sachs Group (NYSE:GS). 

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