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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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Monday, 02 January 23
CHINA’S COAL CONSUMPTION TO PEAK BY 2035: REPORT - REUTERS
China’s primary energy consumption is likely to peak at nearly 6.03 billion tonnes of standard coal between 2030 and 2035, refining giant Chi ...
Thursday, 29 December 22
INDIA'S COAL DEMAND LIKELY TO PEAK BETWEEN 2030-2035: MINISTER - ANI
The demand for coal in India will continue and is likely to peak between 2030-2035, Union Minister of Coal, Mines, and Parliamentary Affairs Pralha ...
Thursday, 29 December 22
RIO TINTO AND PARTNERS COULD RECEIVE AS MUCH AS $450M IN GOVERNMENT COMPENSATION FOR COAL PRICE CAP - THE GUARDIAN
Compensation payments for the Gladstone power plant remain the sticking point in the federal government’s coal price cap compensation negotia ...
Wednesday, 28 December 22
MARKET INSIGHT - INTERMODAL
The United Nations Conference on Trade and Development (UNCTAD) published a Global Trade Update on December 13th highlighting that global trade wou ...
Thursday, 22 December 22
RUSSIAN OIL EXPORTS CRATER BY 54% IN THE FIRST FULL WEEK OF THE EU'S EMBARGO AMID A SHORTAGE OF TANKERS WILLING TO CARRY CARGOES - BUSINESS INSIDER
Since the European Union imposed its seaborne crude sanctions, Russian oil exports have tumbled by more than half, according to data compiled by Bl ...
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- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Sical Logistics Limited - India
- MS Steel International - UAE
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
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