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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- The University of Queensland
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
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