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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, 30 November 22
INDONESIA’S BUMI RESOURCES TARGETS 2023 COAL OUTPUT OF 80 MLN TONNES - REUTERS
Indonesian coal miner PT Bumi Resources Tbk BUMI.JKis eyeing a 10% increase in output to 80 million tonnes next year amid expectations for more fav ...
Wednesday, 30 November 22
TANKERS: LONGER HAULS TO SUPPORT CONTINUED STRENGTH - BIMCO
Highlights
A rebound in the dirty tanker trade has led the Baltic Exchange Dirty Index (BDTI) to increase by 64% since our last report from mid ...
Wednesday, 30 November 22
MARKET INSIGHT - INTERMODAL
Shipping, although a conservative and innovation adverse industry, is currently in a transition period of digital transformation. According to a su ...
Tuesday, 29 November 22
INDIA TO RECEIVE FIRST LNG CARGO FROM INDONESIA’S TANGGUH LNG - REUTERS
India will receive its first cargo from Indonesia’s Tangguh liquefied natural gas (LNG) plant at the Dahej terminal on Monday, according to a ...
Tuesday, 29 November 22
SEABORNE COAL FLOWS IN 2022 - SIGNAL
This year is crucial for the energy mix in European countries, as the EU has imposed new sanctions on Russia. It is important to emphasize that the ...
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- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- GMR Energy Limited - India
- The Treasury - Australian Government
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Minerals Council of Australia
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- The University of Queensland
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
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