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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, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
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