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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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Saturday, 25 March 23
COAL INDIA HAS STRONG CASE TO INCREASE PRICES, TALKS ON: CMD AGRAWAL - BUSINESS STANDARD
Coal India (CIL) Chairman and Managing Director Pramod Agrawal said on Monday there is a “strong case” for increasing coal prices, and ...
Saturday, 25 March 23
ASIAN CRUDE PALM OIL WATCH 1Q23 - FITCH RATINGS
Malaysian benchmark crude palm oil (CPO) spot prices have averaged around USD915 per tonne (t) so far in 1Q23, sharply lower than the average of ar ...
Saturday, 25 March 23
INDONESIA’S COAL EXPORT INCREASED BY 21.0% YOY TO 388.4 MLN T IN 2022 - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels. In the f ...
Saturday, 25 March 23
GLOBAL LNG-ASIA SPOT PRICES SLIP AS WEAK NORTHERN DEMAND REMAINS - REUTERS
Asian spot prices of liquefied natural gas (LNG) declined this week, falling to a 21-month low, as weak demand in the northeast Asia region continu ...
Wednesday, 22 March 23
OIL PRICE FALL SPECULATIVE, TO HIT $140 BY YEAR-END -ANDURAND: REUTERS
The recent fall in oil prices due to banking jitters is speculative and oil will hit $140 a barrel by the end of the year, hedge fund manager Pierr ...
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- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- The University of Queensland
- Latin American Coal - Colombia
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- White Energy Company Limited
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
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