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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Australian Coal Association
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- The University of Queensland
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
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