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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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- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Minerals Council of Australia
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Planning Commission, India
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
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