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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 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- The University of Queensland
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
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