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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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Tuesday, 17 January 23
CHINA'S SHANXI TARGETS 2023 COAL PRODUCTION OF NEARLY 1.37B TONS - XINHUA
China’s coal-rich province of Shanxi has set a coal production target of nearly 1.37 billion metric tons for 2023, according to a government ...
Tuesday, 17 January 23
INDONESIA IS ACCOUNTING FOR 32.3% OF THE GLOBAL SEABORNE COAL MARKET IN 2022 - BENCHERO 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, Benchero ...
Tuesday, 10 January 23
INDONESIAN HBA IS SEEING A SPIKE IN JANUARY 2023 INSTEAD OF A SIGNIFICANT FALL IN DECEMBER 2022
COALspot.com: Indonesian Coal Price Reference up 8.43% in January 2023.
HBA is seeing a dramatic spike in January 2023 i ...
Sunday, 08 January 23
INDIAN COAL POWER PLANTS SHOULD BE COMPENSATED FOR 2022 FORCED GENERATION – REGULATOR : REUTERS
Indian power plants that rely on imported coal should be fully compensated when forced to supply electricity, the country’s power regulator s ...
Sunday, 08 January 23
ELEVATED COAL PRICE A DRAG ON MARGINS OF DOMESTIC BASE METAL PLAYERS: ICRA
The increased price of coal continue to be a drag on the margin of domestic base metal players with no immediate relief in sight, rating agency ICR ...
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- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Central Electricity Authority - India
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Australian Coal Association
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- PTC India Limited - India
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
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