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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, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
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- Planning Commission, India
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
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