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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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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
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- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
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- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
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- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
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- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Deloitte Consulting - India
- The University of Queensland
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Australian Coal Association
- PTC India Limited - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
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