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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, 26 January 23
AUSTRALIA'S CORONADO GLOBAL SEES COAL PRICES RISING ON RESUMING CHINA IMPORTS - REUTERS
Australia’s Coronado Global Resources said on Tuesday resuming metallurgical coal imports to China would likely push sea-borne coal prices hi ...
Monday, 23 January 23
CHINA'S MAJOR COAL-PRODUCING PROVINCE ACCELERATES DIGITAL TRANSFORMATION - XINHUA
At Chindata Group’s big-data industrial park in Lingqiu County of Datong City, hundreds of thousands of servers are running round-the-clock t ...
Monday, 23 January 23
CHINA'S COAL-RICH PROVINCE SEES COAL PRODUCTION INCREASE IN 2022 - XINHUA
North China’s coal-rich province of Shanxi saw its coal production hit 1.31 billion tonnes in 2022, up 8.7 percent year on year, local author ...
Wednesday, 18 January 23
MARKET INSIGHT - INTERMODAL
From Feb 5, another price cap will be introduced to Russian fuels and oil products, adding to the one for crude oil, already in place from Dec. 3. ...
Tuesday, 17 January 23
FRAUD IS THE BIGGEST THREAT TO CARGO LOSSES - TT CLUB
The almost exclusive use of online facilities to process business transactions allows a myriad of fraudulent pursuits to find opportunities within ...
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- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- White Energy Company Limited
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
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