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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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Monday, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Latin American Coal - Colombia
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- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Mercator Lines Limited - India
- ICICI Bank Limited - India
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- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
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- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
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- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
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- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- The University of Queensland
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
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