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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
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