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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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Friday, 09 September 22
GREECE WILL KEEP COAL-FIRED PLANTS RUNNING FOR LONGER AMID GAS CRISIS - REUTERS
Greece will keep seven coal-fired plants running for longer than previously planned as European countries adjust to a cut in gas flows coming from ...
Friday, 09 September 22
CHINA'S DROUGHT INTENSIFIES GLOBAL COAL SHORTAGE - REUTERS
China’s drought has sent coal prices surging as traders anticipate the lack of hydroelectric generation will force it to burn more coal to me ...
Thursday, 08 September 22
MOODY.S AFFIRMS ABM INVESTAMA'S B1 RATINGS FOLLOWING PLANNED MINORITY INVESTMENT IN COAL MINER; OUTLOOK STABLE
Moody's Investors Service has affirmed ABM Investama Tbk (P.T.)'s B1 corporate family rating (CFR), along with the B1 rating on its senior ...
Thursday, 08 September 22
MARKET INSIGHT - INTERMODAL
While the energy markets are historically stretched, Russian flows of crude oil are closely monitored as the oil trade is ultimately realigned. Mor ...
Friday, 02 September 22
INDONESIA COAL PRICE REFERENCE SLIPS SLIGHTLY IN SEPTEMBER 2022
COALspot.com: Indonesian Coal Price Reference for September delivery drops 0.74 per cent month on month.
The Indonesian Coal Price R ...
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- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Planning Commission, India
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Bhatia International Limited - India
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
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