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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, 15 December 22
MARKET INSIGHT - INTERMODAL
While observing the ship repair market very close to the end of the year, we are confident that shipyards worldwide are entering a new era. The nex ...
Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high ...
Tuesday, 13 December 22
BIMCO CII CLAUSE FINALLY RELEASED: DOES IT MAKE ANY SENSE OF CCI? - WFW
WHAT IS CII?
The new International Maritime Organisation’s (“IMO’s”) Carbon Intensity Indicator (“CII”) cer ...
Tuesday, 13 December 22
COAL BASE RAMPS UP ENERGY SUPPLY FOR WINTER NEEDS - XINHUA
Inner Mongolia Autonomous Region, China’s leading coal production base, has kicked its production into high gear to meet heating needs as col ...
Tuesday, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the ...
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- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- VISA Power Limited - India
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Parry Sugars Refinery, India
- The University of Queensland
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
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