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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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Friday, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shi ...
Friday, 13 March 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Friday, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
Wednesday, 11 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.07 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points Monday, up 0.07 percent week on week.
The index, released by China ...
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- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Planning Commission, India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- PTC India Limited - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Economic Council, Georgia
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
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