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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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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Planning Commission, India
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
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