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