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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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- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
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- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
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- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- White Energy Company Limited
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
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