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Wednesday, 18 January 23
MARKET INSIGHT - INTERMODAL
 From Feb 5, another price cap will be introduced to Russian fuels and oil products, adding to the one for crude oil, already in place from Dec. 3. The G7, along with the EU are trying different ways to put more pressure on Russia’s budget, targeting this time the fuel exports like diesel and naphtha.
This time, the ban will be different, and it is expected to be a lot more complicated than the one regarding oil. There are going to be two caps, one for the products that are being traded lower than the crude oil and one for those that are being traded higher, with the exact price still to be decided.
Regarding Europe, the bloc will have to find alternatives to the Russian supplies which is around 1mbd with almost 0.5mbd being diesel. Thus, it expected that the trade for such fuels, being transported with smaller vessels (MR/LR) to increase and possibly the freight to follow.
Regarding whom supplies the EU with fuel, the bloc imported 220mbd for diesel-type products in 2022 from Russia. The 1mbd of products deficit will most probably be covered by Middle East, India, and the US, with Abhu Dhabi National Oil Co. already dealing to supply Germany with diesel. Additionally, another player that will play a major role in the availability of oil products is China and their policies regarding refining and exports will shape the trade, by either freeing up cargoes for Europe or sending fuels directly to the EU.
Another factor that will play a major role in the prices of products is where Russia will redirect its exports and if they can find enough non-EU buyers. Most probably, the exports will be heading to Latin America countries and Africa. Moreover, since both China and India have big refining industries, the trade becomes a lot more complex and different as Russia will be competing with them for exports.
From Russia’s perspective, the capping of oil products will be more painful than the one in crude oil, since oil producers did not have real problems finding either vessels or buyers to transport and import Russian crude. Although Russian crude is being sold in discount and high rates squeeze the profit margins, increasing the overall export of crude to compensate for the products, is a possibility. What this means is that tankers like Suezmax, VLCC and Aframax vessels may see an increase in demand as Russia is increasing its oil output and exports. The logistics of the crude oil trade are considered a lot simpler than that of products and large crude tankers can reach Russia’s clients more easily than smaller product vessels.
From a shipping perspective, it is worth watching closely how the trade unfolds from now on. As we mentioned earlier, the US and Middles East will be the new suppliers of Europe and thus, it is expected for these routes to increase in value and consequently push rates higher. The same is expected for the trades between Russia and Africa or Latin America. We can understand that LR1 and LR2 vessels will see a rise in the demand after the ban kicks in on Feb.5. If the assumption that Russia will increase crude oil exports, proves correct in the following months, we can expect the same to happen with larger crude carriers, provided that the Russian benchmark keeps selling at a discount.
By Fotis Kanatas
Research Analyst
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, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
...
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- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- PTC India Limited - India
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- The University of Queensland
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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