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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, 22 December 22
CHINA TIGHTENS VERIFICATION OF SHIPS’ ENERGY CONSUMPTION DATA - GARD
From 22 December 2022, ships trading to Chinese ports must record their energy consumption data in accordance with the requirements of their Ship E ...
Thursday, 22 December 22
AN OVERVIEW OF THE LNG MARKET - VESSELSVALUE
LNG values have continued to strengthen, spurred by skyrocketing earnings that have surpassed last year’s record breaking peaks. In November, ...
Thursday, 22 December 22
COKING COAL SLUMPS AS TALKS ON AUSTRALIA-CHINA TRADE RIFT LOOM - REUTERS
Chinese coking coal futures dropped more than 3 per cent on Tuesday (Dec 20), extending losses, as supply of the steelmaking input might increase i ...
Thursday, 22 December 22
COAL AND GAS PRICE CAPS MAY COMPOUND POLITICAL RISK FOR AUSTRALIAN CORPORATES - FITCH RATINGS
Australia’s introduction of temporary price caps on domestic sales of gas and coal used for electricity generation will probably have limited ...
Monday, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
...
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- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
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- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Planning Commission, India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- The University of Queensland
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
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- Petron Corporation, Philippines
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