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