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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, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
Sunday, 09 April 23
CHINA’S BUSINESS INCOME REBOUND POINTS TO IMPROVING ECONOMY: OFFICIAL - XINHUA
Chinese businesses have posted a strong rebound in sales revenue since the beginning of this year in the latest signal of an improving economy.
...
Sunday, 09 April 23
COAL INDIA TO BOOST SUPPLIES TO INDUSTRIES AS UTILITIES’ INVENTORIES RISE - REUTERS
Coal India Ltd will increase supplies to industries, the world’s largest coal miner said on Wednesday as fuel inventories at utilities run by ...
Thursday, 06 April 23
MARKET INSIGHT - INTERMODAL
LNG Current Supply/Demand Dynamics
This year, LNG supply will likely exceed demand, so prices will need to decline to levels that will encourag ...
Sunday, 26 March 23
EUROPE’S RUSH TO LNG COULD TURN INTO 'WORLD’S MOST EXPENSIVE AND UNNECESSARY INSURANCE POLICY'- CNBC
Europe’s rapid buildout of liquefied natural gas infrastructure is on track to far exceed demand by the end of the decade, according to new r ...
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- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- White Energy Company Limited
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- India Bulls Power Limited - India
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