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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, 26 January 23
AUSTRALIA'S CORONADO GLOBAL SEES COAL PRICES RISING ON RESUMING CHINA IMPORTS - REUTERS
Australia’s Coronado Global Resources said on Tuesday resuming metallurgical coal imports to China would likely push sea-borne coal prices hi ...
Monday, 23 January 23
CHINA'S MAJOR COAL-PRODUCING PROVINCE ACCELERATES DIGITAL TRANSFORMATION - XINHUA
At Chindata Group’s big-data industrial park in Lingqiu County of Datong City, hundreds of thousands of servers are running round-the-clock t ...
Monday, 23 January 23
CHINA'S COAL-RICH PROVINCE SEES COAL PRODUCTION INCREASE IN 2022 - XINHUA
North China’s coal-rich province of Shanxi saw its coal production hit 1.31 billion tonnes in 2022, up 8.7 percent year on year, local author ...
Wednesday, 18 January 23
MARKET INSIGHT - INTERMODAL
From Feb 5, another price cap will be introduced to Russian fuels and oil products, adding to the one for crude oil, already in place from Dec. 3. ...
Tuesday, 17 January 23
FRAUD IS THE BIGGEST THREAT TO CARGO LOSSES - TT CLUB
The almost exclusive use of online facilities to process business transactions allows a myriad of fraudulent pursuits to find opportunities within ...
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- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Australian Coal Association
- McConnell Dowell - Australia
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Economic Council, Georgia
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
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