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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, 13 December 22
YANCOAL AUSTRALIA TO PREPAY $459 MLN DEBT AS RECORD COAL PRICES BOOST CASHFLOWS - REUTERS
Coal miner Yancoal Australia Ltd. said on Friday it intended to prepay $459 million of its debt on or around Dec. 16, as elevated coal prices were ...
Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices mor ...
Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risk ...
Thursday, 08 December 22
COAL ROYALTY PAYMENTS BOOST AUSTRALIAN STATE'S BUDGET FORECAST - REUTERS
Australia’s Queensland state on Wednesday forecast a record surplus for the current financial year, largely driven by higher royalty payments ...
Wednesday, 07 December 22
MARKET INSIGHT - INTERMODAL
China’s coal imports from January to October were 230.1m mt, a decrease of around 10.7% y-o-y (2021 totalled 323.2m mt). The question is if t ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- White Energy Company Limited
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
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