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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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Wednesday, 21 June 23
CHINA'S MAY COAL IMPORTS FROM AUSTRALIA RECOVER TO PRE-BAN LEVELS - REUTERS
Australian coal sales to China increased in May, as trade resumed between them even as overall coal demand weakened against an uncertain macroecono ...
Monday, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
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- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- White Energy Company Limited
- Africa Commodities Group - South Africa
- The University of Queensland
- Sojitz Corporation - Japan
- Australian Coal Association
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
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