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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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Friday, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Australian Coal Association
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- The University of Queensland
- Wilmar Investment Holdings
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Economic Council, Georgia
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
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