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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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Tuesday, 17 January 23
CHINA'S SHANXI TARGETS 2023 COAL PRODUCTION OF NEARLY 1.37B TONS - XINHUA
China’s coal-rich province of Shanxi has set a coal production target of nearly 1.37 billion metric tons for 2023, according to a government ...
Tuesday, 17 January 23
INDONESIA IS ACCOUNTING FOR 32.3% OF THE GLOBAL SEABORNE COAL MARKET IN 2022 - BENCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels, Benchero ...
Tuesday, 10 January 23
INDONESIAN HBA IS SEEING A SPIKE IN JANUARY 2023 INSTEAD OF A SIGNIFICANT FALL IN DECEMBER 2022
COALspot.com: Indonesian Coal Price Reference up 8.43% in January 2023.
HBA is seeing a dramatic spike in January 2023 i ...
Sunday, 08 January 23
INDIAN COAL POWER PLANTS SHOULD BE COMPENSATED FOR 2022 FORCED GENERATION – REGULATOR : REUTERS
Indian power plants that rely on imported coal should be fully compensated when forced to supply electricity, the country’s power regulator s ...
Sunday, 08 January 23
ELEVATED COAL PRICE A DRAG ON MARGINS OF DOMESTIC BASE METAL PLAYERS: ICRA
The increased price of coal continue to be a drag on the margin of domestic base metal players with no immediate relief in sight, rating agency ICR ...
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- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Australian Coal Association
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- The University of Queensland
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- White Energy Company Limited
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- MS Steel International - UAE
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
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