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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- The University of Queensland
- Videocon Industries ltd - India
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Marubeni Corporation - India
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- PTC India Limited - India
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
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