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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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Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- The University of Queensland
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Australian Coal Association
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Planning Commission, India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
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