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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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Thursday, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
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- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
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- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Parry Sugars Refinery, India
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