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Wednesday, 05 October 22
MARKET INSIGHT - INTERMODAL
 Amid the looming western sanctions on Russia, the country is challenged to pivot its energy markets away from Europe and toward the East. Yet, Russia has been considering exports of oil and gas from its Eastern territories to Asia-Pacific countries since the early 1970s, when the authorities recognized an opportunity to supplement the country’s West Siberian Output. Political instabilities, though, paired with uncertainty on Chinese and Japanese demand have substantially obstructed any course of action.
Pre-invasion, 60% of the country’s oil exports were directed to European countries and about 20% to China, either through pipelines or via seaborne routes, making it, thus, easier to redirect compared to gas. However, since the invasion of Ukraine and the announcement of sanctions, oil has gradually shifted towards the main Asian importers, China, and India, and to some new, albeit considerably smaller, customers, such as Sri Lanka, Egypt, and Indonesia. It is questioned, though, how effectively the country’s exports will be redirected to its emerging Asian customers.
Currently, 85% of the country’s production is clustered around West Siberia, Timan-Pechora, and the Volga Urals. As a result, exports are heavily concentrated in the Black Sea and Baltic ports, thus, trebling the voyage distance and inflating costs and freights. Due to logistic issues and insufficient infrastructure between the above regions and the country’s eastern terminals, the redirection of the country’s oil exports is challenged.
The maturity of the Western fields paired with the western sanctions on oil have urged the country to increase production from its East Siberian fields. During the past decade, East Siberian oil output gradually surged to 700,000 b/d. Meanwhile, the oil output from its mature West Siberian fields is estimated to decrease by 2m b/d over the next decade. Rosneft’s new Vostok Oil Megaproject, located at the northern junction of East and West Siberia, is set to add 1.5m b/d by 2030, with a target of 2m b/d. The project also includes the construction of Bukhta Sever Port which is set to become the country’s largest oil terminal and facilitate the development of the Northern Sea Route, while it is also going to test the country’s resilience to western sanctions. Since the voyage distance via the Northern Sea Route to the Far East could save up to 20 days off the shipping time spent compared to the Suez Canal route, vessels’ tonne-miles could be almost halved. Although the North Sea Route will provide more flexibility to the shippers and facilitate the current supply chain constraints, it is expected to provide some inconvenience as well due to its operational seasonality. Arctic sea lanes are estimated to be ice-free during the summertime by 2035, according to scientists, however, the lack of predictability will continue to overweigh the savings on shipping costs and time.
Overall, in the mid-term and within the next five years, the global oil market will be highly volatile and fragmented. Russia will be forced to reposition itself amid the realignment of the energy markets, however, the efficiency of the country’s relationship establishment with Asian customers is yet to be witnessed.
By Chara Georgousi
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 ...
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. ...
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 ...
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- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Aditya Birla Group - India
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Australian Coal Association
- Planning Commission, India
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- The University of Queensland
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
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