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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 February 23
PAKISTAN PLANS TO QUADRUPLE DOMESTIC COAL-FIRED POWER, MOVE AWAY FROM GAS - REUTERS
Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming ...
Saturday, 18 February 23
2023 MARINE FUEL MARKET PREDICTIONS - JOHN BERGMAN, AURAMARINE
The drive for decarbonisation we witnessed in 2022 has continued into 2023, demonstrating the shipping’s industry positive strides in the fas ...
Saturday, 28 January 23
COAL GROWTH BLIP NOT TO BE REPEATED - BALTIC EXCHANGE
As 2022 drew to a close, global coal demand looked set to end the year just 1.2% up on the previous year. But that small increase was enough to pus ...
Thursday, 26 January 23
CHINA'S COAL OUTPUT INCREASES IN DECEMBER 2022 - XINHUA
China’s raw coal output posted stable expansion in December 2022, official data showed.
The country produced 400 million tonne ...
Thursday, 26 January 23
COKING COAL NARROWS THE GAP ON THERMAL AS CHINA REOPENS - REUTERS
The premium of high-grade thermal coal over coking coal in Asia is shrinking as China’s re-opening and ending of a ban on imports from Austra ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Australian Coal Association
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
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