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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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Planning Commission, India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- VISA Power Limited - India
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
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