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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Planning Commission, India
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- The University of Queensland
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Australian Coal Association
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
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