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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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Thursday, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
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- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Parliament of New Zealand
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- VISA Power Limited - India
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Planning Commission, India
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
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