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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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Wednesday, 07 December 22
INDIA'S STEEL MINISTRY SEEKS IMPORT TAX WAIVER FOR COKING COAL - SOURCES REUTERS REPORTED
India’s steel ministry has asked the finance ministry for a waiver of import tax on coking coal among a slew of raw materials, as it scramble ...
Tuesday, 06 December 22
INDIA'S COAL PRODUCTION RISES 17% IN APR-NOV PERIOD - PTI
The country’s coal production increased 17 per cent to 524.20 million tonnes in the April-November period of the ongoing fiscal.
...
Tuesday, 06 December 22
INDONESIA AIMS TO STARTS COLLECTING COAL LEVY IN Q1 2023 - MINISTER, REUTERS REPORTED
Indonesia aims to establish a coal fund agency and start collecting a coal levy in the first quarter next year, to help ensure supply security for ...
Saturday, 03 December 22
COMPLEX RUSSIAN PRICE CAP MAKES MARITIME VISIBILITY A MUST - WINDWARD
Many commentators and analysts are speculating about the potential impact the Russian seaborne oil price cap will have on organizations and entitie ...
Friday, 02 December 22
INDONESIAN COAL PRICE REFERENCE PLUNGE TOWARD US$ 281.48 A TON AS DEMAND DROPS WORLDWIDE
COALspot.com: The cost of coal is falling so fast that it is beginning to put real money back in the pockets of end-users.
Indonesia ...
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- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Planning Commission, India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Bangladesh Power Developement Board
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
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