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