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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, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- International Coal Ventures Pvt Ltd - India
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- Eastern Coal Council - USA
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- Deloitte Consulting - India
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- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
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- Electricity Generating Authority of Thailand
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- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
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- Heidelberg Cement - Germany
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- Altura Mining Limited, Indonesia
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- Larsen & Toubro Limited - India
- The Treasury - Australian Government
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- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
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- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
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- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
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- Indogreen Group - Indonesia
- Bhatia International Limited - India
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- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
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- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
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- Bhoruka Overseas - Indonesia
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- Sojitz Corporation - Japan
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- Asmin Koalindo Tuhup - Indonesia
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- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
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- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
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