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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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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 ...
Tuesday, 13 December 22
YANCOAL AUSTRALIA TO PREPAY $459 MLN DEBT AS RECORD COAL PRICES BOOST CASHFLOWS - REUTERS
Coal miner Yancoal Australia Ltd. said on Friday it intended to prepay $459 million of its debt on or around Dec. 16, as elevated coal prices were ...
Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices mor ...
Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risk ...
Thursday, 08 December 22
COAL ROYALTY PAYMENTS BOOST AUSTRALIAN STATE'S BUDGET FORECAST - REUTERS
Australia’s Queensland state on Wednesday forecast a record surplus for the current financial year, largely driven by higher royalty payments ...
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- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- The University of Queensland
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- The Treasury - Australian Government
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Minerals Council of Australia
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
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