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Wednesday, 18 January 23
MARKET INSIGHT - INTERMODAL
 From Feb 5, another price cap will be introduced to Russian fuels and oil products, adding to the one for crude oil, already in place from Dec. 3. The G7, along with the EU are trying different ways to put more pressure on Russia’s budget, targeting this time the fuel exports like diesel and naphtha.
This time, the ban will be different, and it is expected to be a lot more complicated than the one regarding oil. There are going to be two caps, one for the products that are being traded lower than the crude oil and one for those that are being traded higher, with the exact price still to be decided.
Regarding Europe, the bloc will have to find alternatives to the Russian supplies which is around 1mbd with almost 0.5mbd being diesel. Thus, it expected that the trade for such fuels, being transported with smaller vessels (MR/LR) to increase and possibly the freight to follow.
Regarding whom supplies the EU with fuel, the bloc imported 220mbd for diesel-type products in 2022 from Russia. The 1mbd of products deficit will most probably be covered by Middle East, India, and the US, with Abhu Dhabi National Oil Co. already dealing to supply Germany with diesel. Additionally, another player that will play a major role in the availability of oil products is China and their policies regarding refining and exports will shape the trade, by either freeing up cargoes for Europe or sending fuels directly to the EU.
Another factor that will play a major role in the prices of products is where Russia will redirect its exports and if they can find enough non-EU buyers. Most probably, the exports will be heading to Latin America countries and Africa. Moreover, since both China and India have big refining industries, the trade becomes a lot more complex and different as Russia will be competing with them for exports.
From Russia’s perspective, the capping of oil products will be more painful than the one in crude oil, since oil producers did not have real problems finding either vessels or buyers to transport and import Russian crude. Although Russian crude is being sold in discount and high rates squeeze the profit margins, increasing the overall export of crude to compensate for the products, is a possibility. What this means is that tankers like Suezmax, VLCC and Aframax vessels may see an increase in demand as Russia is increasing its oil output and exports. The logistics of the crude oil trade are considered a lot simpler than that of products and large crude tankers can reach Russia’s clients more easily than smaller product vessels.
From a shipping perspective, it is worth watching closely how the trade unfolds from now on. As we mentioned earlier, the US and Middles East will be the new suppliers of Europe and thus, it is expected for these routes to increase in value and consequently push rates higher. The same is expected for the trades between Russia and Africa or Latin America. We can understand that LR1 and LR2 vessels will see a rise in the demand after the ban kicks in on Feb.5. If the assumption that Russia will increase crude oil exports, proves correct in the following months, we can expect the same to happen with larger crude carriers, provided that the Russian benchmark keeps selling at a discount.
By Fotis Kanatas
Research Analyst
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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Australian Coal Association
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
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