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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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Saturday, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
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- Mercator Lines Limited - India
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- Toyota Tsusho Corporation, Japan
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- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
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- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
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- Minerals Council of Australia
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- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- The Treasury - Australian Government
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- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
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- Interocean Group of Companies - India
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- Singapore Mercantile Exchange
- Parliament of New Zealand
- Australian Coal Association
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- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
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- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
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- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- The University of Queensland
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- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
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- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
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- LBH Netherlands Bv - Netherlands
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- Merrill Lynch Commodities Europe
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- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
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- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
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- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
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- Pipit Mutiara Jaya. PT, Indonesia
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- Timah Investasi Mineral - Indoneisa
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Alfred C Toepfer International GmbH - Germany
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
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- Planning Commission, India
- Aditya Birla Group - India
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