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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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Wednesday, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
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- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Planning Commission, India
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
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