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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, 25 November 22
APAC THERMAL COAL PRICES CORRECT FROM RECORD HIGH - FITCH RATINGS
Prices of Newcastle 6,000kcal/kg coal have corrected following falling European gas and coal prices, and more supply from Australia could help miti ...
Thursday, 24 November 22
VIETNAM BOOSTS COAL USE PLAN FOR 2030 AS G7 CLIMATE OFFER STALLS - REUTERS
Vietnam has increased its coal power target for 2030 under a revised draft energy plan, government documents seen by Reuters show, while renewables ...
Tuesday, 22 November 22
THE GENCON 2022 CHARTERPARTY - GARD
KNOWLEDGE TO ELEVATE
BIMCO has published a revamped version of the popular GENCON charterparty. Our author, Helena Biggs, was a member of the ...
Tuesday, 22 November 22
INDIA POWER BINGES ON COAL, OUTPACES ASIA - REUTERS
India’s coal-fired power output has increased much faster than any other country in the Asia Pacific since Russia’s invasion of Ukraine ...
Friday, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
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- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
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