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Tuesday, 17 January 23
MARKET INSIGHT - INTERMODAL
 Rumor has it that the New Year has come, to set the pace in, for Russia to continue hostilities against Ukraine. Ten months on the go, into Russia’s latest invasion, the outcome of the war appears to be unclear. The Russian military seems incapable of taking either Kyiv or occupying major territories of the country. Ukrainian forces have gained success and could well continue to make progress in regaining field. The war also could settle into a more protract conflict, with neither side capable of making a decisive breakthrough in the near future.
In the past June, European Union decided to ban both seaborne imports of Russian oil and the provision of specific services derived from Russian oil shipments, in particular insurance and reinsurance industries which EU companies do dominate. The US authorities, which had already banned direct imports of Russian oil, shudder at the ban which would cause oil prices to spike by plunging most Russian exports.
Accordingly, States of great sovereignty, strived towards the tool of capping the price of Russian oil, aimed at pinching Russia’s reserves whilst avoiding a spike in oil prices. However, the mechanism’s high price ceiling and its inability to compel Russia’s affairs with Asia-top tier- customers, undermine its ability to deprive Moscow of substantial revenue and aggravate both political and economic issues against Ukraine.
When the West announced on December 2nd, that they had agreed on a $60 price cap on Russian oil exports, they proclaim it as a valiant achievement in energy stability. But one who thinks this would be a significant tap into Russian oil revenues—and the administration’s ability to fuel its war by bringing to heel Ukraine—was likely to be disappointed. The price cap agreed on by the European Union and quickly endorsed by the United States, G7, and Australia was not bold enough to significantly have an effect on Russian revenues or hamper the conduct of the war. After all, Russian oil has sold at prices in the $60 range for the last several years. Moreover, since Russia’s February invasion of Ukraine, global trades have already limited their offtake of Russian crude to some extent. When countries such as India and China snapped up the surplus, they negotiated steep discounts while the discount for Urals crude, the main Russian benchmark—nearly $40 per barrel compared with Brent oil in the early months of the war—slowly dropped into the low $20 per barrel range, allowing Moscow to continue thriving.
If the price cap starts to influence Russia, it could create political space for further actions by throbbing Russian energy revenues. This cap should not be considered as an off energy policy tool- if Russia continues to wage its war, hence same should be seen instead as an interim measure until the next set of energy restrictions are to be imposed, including a lower price cap level.
By Alexandros Christakoudis
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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- McConnell Dowell - Australia
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- The University of Queensland
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
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