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