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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, 30 November 22
INDONESIA’S BUMI RESOURCES TARGETS 2023 COAL OUTPUT OF 80 MLN TONNES - REUTERS
Indonesian coal miner PT Bumi Resources Tbk BUMI.JKis eyeing a 10% increase in output to 80 million tonnes next year amid expectations for more fav ...
Wednesday, 30 November 22
TANKERS: LONGER HAULS TO SUPPORT CONTINUED STRENGTH - BIMCO
Highlights
A rebound in the dirty tanker trade has led the Baltic Exchange Dirty Index (BDTI) to increase by 64% since our last report from mid ...
Wednesday, 30 November 22
MARKET INSIGHT - INTERMODAL
Shipping, although a conservative and innovation adverse industry, is currently in a transition period of digital transformation. According to a su ...
Tuesday, 29 November 22
INDIA TO RECEIVE FIRST LNG CARGO FROM INDONESIA’S TANGGUH LNG - REUTERS
India will receive its first cargo from Indonesia’s Tangguh liquefied natural gas (LNG) plant at the Dahej terminal on Monday, according to a ...
Tuesday, 29 November 22
SEABORNE COAL FLOWS IN 2022 - SIGNAL
This year is crucial for the energy mix in European countries, as the EU has imposed new sanctions on Russia. It is important to emphasize that the ...
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- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- White Energy Company Limited
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Marubeni Corporation - India
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
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