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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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Wednesday, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
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- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
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