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