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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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Tuesday, 15 November 22
CHINA SEES RISING COAL STORAGE AMID SUPPLY PUSH - XINHUA
Coal stockpiles at China’s power plants have seen considerable increases, ensuring energy supply for the winter, the country’s energy r ...
Tuesday, 15 November 22
SEABORNE THERMAL COAL PRICES START TO EASE, BUT PROCESS IS UNEVEN - REUTERS
Prices for seaborne thermal coal have started to drop as fears of a winter energy crunch ease, but the rate of decline has varied across the differ ...
Thursday, 10 November 22
INDIA: THERMAL PLANTS HAVE ADEQUATE COAL STOCKS AT 25.6 MILLION TONNES, SAYS GOVT - IANS
The coal stock with domestic dry fuel-based power plants, as on October 31, was 25.6 million tonnes, the government said, adding that the availabil ...
Tuesday, 08 November 22
OUTLOOK ON CHINA’S WEAKENED BASIC MATERIALS SECTOR CLOUDED BY POLICY SWINGS - FITCH RATINGS
Fitch Ratings expects basic materials demand in China to improve qoq in 4Q22, driven by seasonally higher construction activity, solid infrastructu ...
Friday, 04 November 22
CHINA EXPANDS COAL TERM CONTRACTS TO ALL MINES TO STABILIZE MARKET - REUTERS
China has expanded long-term thermal coal supply contracts for 2023 to all coal mines and asked power utilities to source more of their demand thro ...
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- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- PTC India Limited - India
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- White Energy Company Limited
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
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