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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- PTC India Limited - India
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Planning Commission, India
- Deloitte Consulting - India
- Parliament of New Zealand
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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