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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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Sunday, 26 February 23
MAWANI AND JEDDAH CHAMBER SIGN AN AGREEMENT TO BUILD INTEGRATED LOGISTICS PARK
Press Release: The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce and Industry have today inked an agreement to set up an integrated ...
Saturday, 25 February 23
INDONESIA IS STILL BY FAR THE TOP SUPPLIER OF COAL TO CHINA - 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, said ban ...
Wednesday, 22 February 23
MARKET INSIGHT - INTERMODAL
The short-term outlook of the global soybean market is currently pivoted by a combination of weather patterns that are affecting the harvest progre ...
Saturday, 18 February 23
OIL UNLIKELY TO BREAK ABOVE $100/BBL THIS YEAR, J.P.MORGAN SAYS –- REUTERS
Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially add ...
Saturday, 18 February 23
CHINA'S COAL PRICES FALL TO 1 YR-LOW, CLOUDING DEMAND AND IMPORT OUTLOOK - REUTERS
China’s thermal coal prices hit their lowest levels in a year this week on rising inventories as domestic mine production is recovering faste ...
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- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Australian Coal Association
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- The University of Queensland
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- PTC India Limited - India
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
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