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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, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
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- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Anglo American - United Kingdom
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Planning Commission, India
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- White Energy Company Limited
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Aditya Birla Group - India
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
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