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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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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& ...
Tuesday, 17 January 23
INDONESIA IS ACCOUNTING FOR 32.3% OF THE GLOBAL SEABORNE COAL MARKET IN 2022 - BENCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels, Benchero ...
Tuesday, 10 January 23
INDONESIAN HBA IS SEEING A SPIKE IN JANUARY 2023 INSTEAD OF A SIGNIFICANT FALL IN DECEMBER 2022
COALspot.com: Indonesian Coal Price Reference up 8.43% in January 2023.
HBA is seeing a dramatic spike in January 2023 i ...
Sunday, 08 January 23
INDIAN COAL POWER PLANTS SHOULD BE COMPENSATED FOR 2022 FORCED GENERATION – REGULATOR : REUTERS
Indian power plants that rely on imported coal should be fully compensated when forced to supply electricity, the country’s power regulator s ...
Sunday, 08 January 23
ELEVATED COAL PRICE A DRAG ON MARGINS OF DOMESTIC BASE METAL PLAYERS: ICRA
The increased price of coal continue to be a drag on the margin of domestic base metal players with no immediate relief in sight, rating agency ICR ...
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- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- VISA Power Limited - India
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
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