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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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Australian Coal Association
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- White Energy Company Limited
- Indian Energy Exchange, India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- The University of Queensland
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
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