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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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Thursday, 26 January 23
AUSTRALIA'S CORONADO GLOBAL SEES COAL PRICES RISING ON RESUMING CHINA IMPORTS - REUTERS
Australia’s Coronado Global Resources said on Tuesday resuming metallurgical coal imports to China would likely push sea-borne coal prices hi ...
Monday, 23 January 23
CHINA'S MAJOR COAL-PRODUCING PROVINCE ACCELERATES DIGITAL TRANSFORMATION - XINHUA
At Chindata Group’s big-data industrial park in Lingqiu County of Datong City, hundreds of thousands of servers are running round-the-clock t ...
Monday, 23 January 23
CHINA'S COAL-RICH PROVINCE SEES COAL PRODUCTION INCREASE IN 2022 - XINHUA
North China’s coal-rich province of Shanxi saw its coal production hit 1.31 billion tonnes in 2022, up 8.7 percent year on year, local author ...
Tuesday, 17 January 23
FRAUD IS THE BIGGEST THREAT TO CARGO LOSSES - TT CLUB
The almost exclusive use of online facilities to process business transactions allows a myriad of fraudulent pursuits to find opportunities within ...
Tuesday, 17 January 23
CHINA'S SHANXI TARGETS 2023 COAL PRODUCTION OF NEARLY 1.37B TONS - XINHUA
China’s coal-rich province of Shanxi has set a coal production target of nearly 1.37 billion metric tons for 2023, according to a government ...
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- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- The University of Queensland
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Australian Coal Association
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
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