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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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Monday, 02 January 23
CHINA’S COAL CONSUMPTION TO PEAK BY 2035: REPORT - REUTERS
China’s primary energy consumption is likely to peak at nearly 6.03 billion tonnes of standard coal between 2030 and 2035, refining giant Chi ...
Thursday, 29 December 22
INDIA'S COAL DEMAND LIKELY TO PEAK BETWEEN 2030-2035: MINISTER - ANI
The demand for coal in India will continue and is likely to peak between 2030-2035, Union Minister of Coal, Mines, and Parliamentary Affairs Pralha ...
Thursday, 29 December 22
RIO TINTO AND PARTNERS COULD RECEIVE AS MUCH AS $450M IN GOVERNMENT COMPENSATION FOR COAL PRICE CAP - THE GUARDIAN
Compensation payments for the Gladstone power plant remain the sticking point in the federal government’s coal price cap compensation negotia ...
Wednesday, 28 December 22
MARKET INSIGHT - INTERMODAL
The United Nations Conference on Trade and Development (UNCTAD) published a Global Trade Update on December 13th highlighting that global trade wou ...
Thursday, 22 December 22
RUSSIAN OIL EXPORTS CRATER BY 54% IN THE FIRST FULL WEEK OF THE EU'S EMBARGO AMID A SHORTAGE OF TANKERS WILLING TO CARRY CARGOES - BUSINESS INSIDER
Since the European Union imposed its seaborne crude sanctions, Russian oil exports have tumbled by more than half, according to data compiled by Bl ...
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- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- ASAPP Information Group - India
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
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