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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, 22 December 22
CHINA TIGHTENS VERIFICATION OF SHIPS’ ENERGY CONSUMPTION DATA - GARD
From 22 December 2022, ships trading to Chinese ports must record their energy consumption data in accordance with the requirements of their Ship E ...
Thursday, 22 December 22
AN OVERVIEW OF THE LNG MARKET - VESSELSVALUE
LNG values have continued to strengthen, spurred by skyrocketing earnings that have surpassed last year’s record breaking peaks. In November, ...
Thursday, 22 December 22
COKING COAL SLUMPS AS TALKS ON AUSTRALIA-CHINA TRADE RIFT LOOM - REUTERS
Chinese coking coal futures dropped more than 3 per cent on Tuesday (Dec 20), extending losses, as supply of the steelmaking input might increase i ...
Thursday, 22 December 22
COAL AND GAS PRICE CAPS MAY COMPOUND POLITICAL RISK FOR AUSTRALIAN CORPORATES - FITCH RATINGS
Australia’s introduction of temporary price caps on domestic sales of gas and coal used for electricity generation will probably have limited ...
Monday, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
...
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- Bukit Makmur.PT - Indonesia
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- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
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- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
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- Lanco Infratech Ltd - India
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- Wood Mackenzie - Singapore
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- Tata Chemicals Ltd - India
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- OPG Power Generation Pvt Ltd - India
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- India Bulls Power Limited - India
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- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
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- Jindal Steel & Power Ltd - India
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- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
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- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
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- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
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- Aboitiz Power Corporation - Philippines
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