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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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Monday, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Economic Council, Georgia
- Petron Corporation, Philippines
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- PTC India Limited - India
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
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