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Wednesday, 05 October 22
MARKET INSIGHT - INTERMODAL
 Amid the looming western sanctions on Russia, the country is challenged to pivot its energy markets away from Europe and toward the East. Yet, Russia has been considering exports of oil and gas from its Eastern territories to Asia-Pacific countries since the early 1970s, when the authorities recognized an opportunity to supplement the country’s West Siberian Output. Political instabilities, though, paired with uncertainty on Chinese and Japanese demand have substantially obstructed any course of action.
Pre-invasion, 60% of the country’s oil exports were directed to European countries and about 20% to China, either through pipelines or via seaborne routes, making it, thus, easier to redirect compared to gas. However, since the invasion of Ukraine and the announcement of sanctions, oil has gradually shifted towards the main Asian importers, China, and India, and to some new, albeit considerably smaller, customers, such as Sri Lanka, Egypt, and Indonesia. It is questioned, though, how effectively the country’s exports will be redirected to its emerging Asian customers.
Currently, 85% of the country’s production is clustered around West Siberia, Timan-Pechora, and the Volga Urals. As a result, exports are heavily concentrated in the Black Sea and Baltic ports, thus, trebling the voyage distance and inflating costs and freights. Due to logistic issues and insufficient infrastructure between the above regions and the country’s eastern terminals, the redirection of the country’s oil exports is challenged.
The maturity of the Western fields paired with the western sanctions on oil have urged the country to increase production from its East Siberian fields. During the past decade, East Siberian oil output gradually surged to 700,000 b/d. Meanwhile, the oil output from its mature West Siberian fields is estimated to decrease by 2m b/d over the next decade. Rosneft’s new Vostok Oil Megaproject, located at the northern junction of East and West Siberia, is set to add 1.5m b/d by 2030, with a target of 2m b/d. The project also includes the construction of Bukhta Sever Port which is set to become the country’s largest oil terminal and facilitate the development of the Northern Sea Route, while it is also going to test the country’s resilience to western sanctions. Since the voyage distance via the Northern Sea Route to the Far East could save up to 20 days off the shipping time spent compared to the Suez Canal route, vessels’ tonne-miles could be almost halved. Although the North Sea Route will provide more flexibility to the shippers and facilitate the current supply chain constraints, it is expected to provide some inconvenience as well due to its operational seasonality. Arctic sea lanes are estimated to be ice-free during the summertime by 2035, according to scientists, however, the lack of predictability will continue to overweigh the savings on shipping costs and time.
Overall, in the mid-term and within the next five years, the global oil market will be highly volatile and fragmented. Russia will be forced to reposition itself amid the realignment of the energy markets, however, the efficiency of the country’s relationship establishment with Asian customers is yet to be witnessed.
By Chara Georgousi
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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Thursday, 26 January 23
AUSTRALIA'S CORONADO GLOBAL SEES COAL PRICES RISING ON RESUMING CHINA IMPORTS - REUTERS
Australia’s Coronado Global Resources said on Tuesday resuming metallurgical coal imports to China would likely push sea-borne coal prices hi ...
Monday, 23 January 23
CHINA'S MAJOR COAL-PRODUCING PROVINCE ACCELERATES DIGITAL TRANSFORMATION - XINHUA
At Chindata Group’s big-data industrial park in Lingqiu County of Datong City, hundreds of thousands of servers are running round-the-clock t ...
Monday, 23 January 23
CHINA'S COAL-RICH PROVINCE SEES COAL PRODUCTION INCREASE IN 2022 - XINHUA
North China’s coal-rich province of Shanxi saw its coal production hit 1.31 billion tonnes in 2022, up 8.7 percent year on year, local author ...
Wednesday, 18 January 23
MARKET INSIGHT - INTERMODAL
From Feb 5, another price cap will be introduced to Russian fuels and oil products, adding to the one for crude oil, already in place from Dec. 3. ...
Tuesday, 17 January 23
FRAUD IS THE BIGGEST THREAT TO CARGO LOSSES - TT CLUB
The almost exclusive use of online facilities to process business transactions allows a myriad of fraudulent pursuits to find opportunities within ...
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- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Australian Coal Association
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
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