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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
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- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
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- Ministry of Transport, Egypt
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- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- PTC India Limited - India
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- White Energy Company Limited
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
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