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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, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
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 ...
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- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Posco Energy - South Korea
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
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