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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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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Australian Coal Association
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- The University of Queensland
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
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