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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, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
Sunday, 21 August 22
COAL-RICH POLAND FACES WINTER OF ENERGY DISCONTENT - DW
Poland uses 10 million tons of coal a year to heat households — a whopping 87% of all coal consumed in EU homes in 2019, according to the War ...
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- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Planning Commission, India
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
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