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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Mjunction Services Limited - India
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
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