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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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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Minerals Council of Australia
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
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