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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, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
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- PTC India Limited - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- The University of Queensland
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
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