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