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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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- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- CNBM International Corporation - China
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
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