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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- PTC India Limited - India
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
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