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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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- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
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- MS Steel International - UAE
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
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- Australian Commodity Traders Exchange
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- Samtan Co., Ltd - South Korea
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- IHS Mccloskey Coal Group - USA
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- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
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- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
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- Coal and Oil Company - UAE
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- Planning Commission, India
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- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Deloitte Consulting - India
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Australian Coal Association
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
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