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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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Friday, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Australian Coal Association
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
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