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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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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Economic Council, Georgia
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
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