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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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Sunday, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
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- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- PTC India Limited - India
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
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