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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, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
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- Vizag Seaport Private Limited - India
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- Rio Tinto Coal - Australia
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- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
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- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- PTC India Limited - India
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
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- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
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- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
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- White Energy Company Limited
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Economic Council, Georgia
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
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- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
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- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
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- Aboitiz Power Corporation - Philippines
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- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
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- Mercator Lines Limited - India
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
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- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
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