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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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Saturday, 18 February 23
PAKISTAN PLANS TO QUADRUPLE DOMESTIC COAL-FIRED POWER, MOVE AWAY FROM GAS - REUTERS
Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming ...
Saturday, 18 February 23
2023 MARINE FUEL MARKET PREDICTIONS - JOHN BERGMAN, AURAMARINE
The drive for decarbonisation we witnessed in 2022 has continued into 2023, demonstrating the shipping’s industry positive strides in the fas ...
Saturday, 28 January 23
COAL GROWTH BLIP NOT TO BE REPEATED - BALTIC EXCHANGE
As 2022 drew to a close, global coal demand looked set to end the year just 1.2% up on the previous year. But that small increase was enough to pus ...
Thursday, 26 January 23
CHINA'S COAL OUTPUT INCREASES IN DECEMBER 2022 - XINHUA
China’s raw coal output posted stable expansion in December 2022, official data showed.
The country produced 400 million tonne ...
Thursday, 26 January 23
COKING COAL NARROWS THE GAP ON THERMAL AS CHINA REOPENS - REUTERS
The premium of high-grade thermal coal over coking coal in Asia is shrinking as China’s re-opening and ending of a ban on imports from Austra ...
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- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- MS Steel International - UAE
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Economic Council, Georgia
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- White Energy Company Limited
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
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