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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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Wednesday, 21 June 23
CHINA'S MAY COAL IMPORTS FROM AUSTRALIA RECOVER TO PRE-BAN LEVELS - REUTERS
Australian coal sales to China increased in May, as trade resumed between them even as overall coal demand weakened against an uncertain macroecono ...
Monday, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
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- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
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