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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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Tuesday, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the ...
Tuesday, 13 December 22
YANCOAL AUSTRALIA TO PREPAY $459 MLN DEBT AS RECORD COAL PRICES BOOST CASHFLOWS - REUTERS
Coal miner Yancoal Australia Ltd. said on Friday it intended to prepay $459 million of its debt on or around Dec. 16, as elevated coal prices were ...
Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices mor ...
Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risk ...
Thursday, 08 December 22
COAL ROYALTY PAYMENTS BOOST AUSTRALIAN STATE'S BUDGET FORECAST - REUTERS
Australia’s Queensland state on Wednesday forecast a record surplus for the current financial year, largely driven by higher royalty payments ...
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- The Treasury - Australian Government
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Minerals Council of Australia
- McConnell Dowell - Australia
- The University of Queensland
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Australian Coal Association
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
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