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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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Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Parliament of New Zealand
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Planning Commission, India
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
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