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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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Thursday, 15 December 22
MARKET INSIGHT - INTERMODAL
While observing the ship repair market very close to the end of the year, we are confident that shipyards worldwide are entering a new era. The nex ...
Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high ...
Tuesday, 13 December 22
BIMCO CII CLAUSE FINALLY RELEASED: DOES IT MAKE ANY SENSE OF CCI? - WFW
WHAT IS CII?
The new International Maritime Organisation’s (“IMO’s”) Carbon Intensity Indicator (“CII”) cer ...
Tuesday, 13 December 22
COAL BASE RAMPS UP ENERGY SUPPLY FOR WINTER NEEDS - XINHUA
Inner Mongolia Autonomous Region, China’s leading coal production base, has kicked its production into high gear to meet heating needs as col ...
Tuesday, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the ...
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- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Planning Commission, India
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- GMR Energy Limited - India
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