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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, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- PTC India Limited - India
- Planning Commission, India
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- The Treasury - Australian Government
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
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