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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, 22 December 22
CHINA TIGHTENS VERIFICATION OF SHIPS’ ENERGY CONSUMPTION DATA - GARD
From 22 December 2022, ships trading to Chinese ports must record their energy consumption data in accordance with the requirements of their Ship E ...
Thursday, 22 December 22
AN OVERVIEW OF THE LNG MARKET - VESSELSVALUE
LNG values have continued to strengthen, spurred by skyrocketing earnings that have surpassed last year’s record breaking peaks. In November, ...
Thursday, 22 December 22
COKING COAL SLUMPS AS TALKS ON AUSTRALIA-CHINA TRADE RIFT LOOM - REUTERS
Chinese coking coal futures dropped more than 3 per cent on Tuesday (Dec 20), extending losses, as supply of the steelmaking input might increase i ...
Thursday, 22 December 22
COAL AND GAS PRICE CAPS MAY COMPOUND POLITICAL RISK FOR AUSTRALIAN CORPORATES - FITCH RATINGS
Australia’s introduction of temporary price caps on domestic sales of gas and coal used for electricity generation will probably have limited ...
Monday, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
...
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- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Bhatia International Limited - India
- London Commodity Brokers - England
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Australian Coal Association
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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