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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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Saturday, 25 March 23
COAL INDIA HAS STRONG CASE TO INCREASE PRICES, TALKS ON: CMD AGRAWAL - BUSINESS STANDARD
Coal India (CIL) Chairman and Managing Director Pramod Agrawal said on Monday there is a “strong case” for increasing coal prices, and ...
Saturday, 25 March 23
ASIAN CRUDE PALM OIL WATCH 1Q23 - FITCH RATINGS
Malaysian benchmark crude palm oil (CPO) spot prices have averaged around USD915 per tonne (t) so far in 1Q23, sharply lower than the average of ar ...
Saturday, 25 March 23
INDONESIA’S COAL EXPORT INCREASED BY 21.0% YOY TO 388.4 MLN T IN 2022 - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels. In the f ...
Saturday, 25 March 23
GLOBAL LNG-ASIA SPOT PRICES SLIP AS WEAK NORTHERN DEMAND REMAINS - REUTERS
Asian spot prices of liquefied natural gas (LNG) declined this week, falling to a 21-month low, as weak demand in the northeast Asia region continu ...
Wednesday, 22 March 23
OIL PRICE FALL SPECULATIVE, TO HIT $140 BY YEAR-END -ANDURAND: REUTERS
The recent fall in oil prices due to banking jitters is speculative and oil will hit $140 a barrel by the end of the year, hedge fund manager Pierr ...
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- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
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