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Wednesday, 25 March 20
MARKET INSIGHT - INTERMODAL
 There is no doubt that the Covid-19 pandemic crisis is a world-shattering event that will change the world as we know it. Societies are facing challenging moments, markets have been violently disrupted and it will become even more visible later on that governments around the world will experience major shifts in their respective political and economic power.
As we have already witnessed, Brent prices are experiencing their lowest levels in 17 years, closing at $27.2 per barrel last Friday, whereas West Texas Intermediate crude (WTI) closed at $23 per barrel. According to Goldman Sachs analysts, the price of Brent, which is the international benchmark, “could dip as low as $20 per barrel and test operational stress levels”.
A week ago, Bank of America warned that the US is close to a new major recession due to the worldwide spread of the Covid-19. Simultaneously, oil producing countries keep on increasing their production at record levels amidst a price war between Russia and Saudi Arabia, after OPEC+ (OPEC and Russia) failed to come to a consensus over additional production cuts. Official selling prices lowered by as much as 20% have been also used as “weapons” in this price war.
At the moment, global demand for oil hovers around 100 million barrels per day. Yet, as consumption is gradually decreasing due to the tremendous economic shake of the COVID-19 and the subsequent containment measures, demand could possibly plunge an additional 20% according to some first estimations. The final outcome of this crisis still remains unknown; however, certain analysts reassure that some more optimistic scenarios are possible to play out. According to Andreas de Vries, advisor at Saudi Aramco, the successful containment policies against the Covid-19 pandemic and the implementation of stimulus packages could stem the secondary and tertiary effects on the economy.
The oil market status quo calls for an a pragmatic resolution aiming to terminate the price war. Nevertheless, a termination of the price war will not be able to push prices back to $60 plus per barrel, with levels around $40 seeming more realistic if major producers come to an agreement. As de Vries highlights, even in the best-case scenario, the average crude price will still remain considerably below what most producing countries need in order to successfully balance their respective budgets. Indeed, the extent of the virus containment measures that are currently being implemented will affect to a massive degree a number of sectors that are heavyweights for the economies of many of the producing nations, like tourism for example.
At the same time there is a growing number of voices that warns for a series of major economic consequences, with the worst-case scenario being a global economy devastated by a wave of continuous bankruptcies. We are seeing significant economic stimulus announced around the world, with the U.S. expected to reach soon a deal on a $2 trillion coronavirus aid, but the effectiveness of the implementation of these packages remains uncertain at this stage. A failure of these stimulus measures to support vital sectors of the economies around the world will lead to a prolonged crisis that could prove worse than the big downturn of 2008, but for now let’s remain reservedly optimistic and hope it doesn’t come to that.
By Apostolos Rompopoulos
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
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, 24 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.28 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.74 points Monday, down 0.28 percent week on week.
The index, released by Chi ...
Monday, 23 March 20
CHARTERPARTY REQUIREMENTS TO NOTIFY CLAIMS - TAKE CARE! - WFW
KNOWLEDGE TO ELEVATE
Voyage charterparties frequently require the owner to notify any claim with supporting documents within a relatively shor ...
Monday, 23 March 20
COAL INDIA LIMITED'S ONE-DAY OUTPUT PEAKS AT 3.17 MT - THE HINDU
Coal India Limited (CIL) output peaked at a new high of 3.17 million tonnes (MT) on March 20, overtaking the 3.14 MT production recorded on March 2 ...
Monday, 23 March 20
KOMIPO INVITED BIDS FOR 1.45 MILLION TONS OF COAL FOR JUNE & JULY 2020 LOADING
COALspot.com: Korea Midland Power Co.,Ltd (KOMIPO), on behalf of five Korean Gencos, has issued an international tender for total 1,450,000 MT (&pl ...
Saturday, 21 March 20
PANAMAX: 82,000DWT SHIP AGREED $4,250 FOR A COAL TRIP VIA INDONESIA REDELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
The Capesize market made some headway this past week despite being buffeted by the global pandemic storm. With the market in a constan ...
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- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- MS Steel International - UAE
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Parliament of New Zealand
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Minerals Council of Australia
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
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