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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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Wednesday, 07 December 22
INDIA'S STEEL MINISTRY SEEKS IMPORT TAX WAIVER FOR COKING COAL - SOURCES REUTERS REPORTED
India’s steel ministry has asked the finance ministry for a waiver of import tax on coking coal among a slew of raw materials, as it scramble ...
Tuesday, 06 December 22
INDIA'S COAL PRODUCTION RISES 17% IN APR-NOV PERIOD - PTI
The country’s coal production increased 17 per cent to 524.20 million tonnes in the April-November period of the ongoing fiscal.
...
Tuesday, 06 December 22
INDONESIA AIMS TO STARTS COLLECTING COAL LEVY IN Q1 2023 - MINISTER, REUTERS REPORTED
Indonesia aims to establish a coal fund agency and start collecting a coal levy in the first quarter next year, to help ensure supply security for ...
Saturday, 03 December 22
COMPLEX RUSSIAN PRICE CAP MAKES MARITIME VISIBILITY A MUST - WINDWARD
Many commentators and analysts are speculating about the potential impact the Russian seaborne oil price cap will have on organizations and entitie ...
Friday, 02 December 22
INDONESIAN COAL PRICE REFERENCE PLUNGE TOWARD US$ 281.48 A TON AS DEMAND DROPS WORLDWIDE
COALspot.com: The cost of coal is falling so fast that it is beginning to put real money back in the pockets of end-users.
Indonesia ...
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- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Australian Coal Association
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Planning Commission, India
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- The University of Queensland
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
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