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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 09 March 20
OPEC+ 'NO DEAL' A BLOW TO THE MARKET - WOOD MACKENZIE
Speaking after today’s OPEC+ meeting broke up, Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie, said: “Today’s o ...
Monday, 09 March 20
KOREA EAST-WEST POWER INVITED BIDS FOR 150,000 MT OF MIN 4,400 - MAX 5,499 NAR COAL
COALspot.com: KOREA EAST-WEST POWER CO. LTD. of South Korea has issued an international tender for total 150,000 MT of LCV coal for May – Jun ...
Sunday, 08 March 20
SUPRAMAX: A 55,000DWT VESSEL FIXING DELIVERY FROM EAST KALIMANTAN FOR A TRIP TO VIETNAM AT $9,100 - BALTIC BRIEFING
SUPRAMAX/ULTRAMAX - A 56,000DWT VESSEL FIXED DELIVERY SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY EAST COAST INDIA, IN THE $6,000S
SUPRAMAX/U ...
Friday, 06 March 20
CHINA RESUMES 83.4 PCT COAL PRODUCTION CAPACITY AMID EPIDEMIC - XINHUA
China has resumed 83.4 percent of its coal production capacity amid the fight against the novel coronavirus outbreak, the National Energy Administr ...
Friday, 06 March 20
COLOMBIAN COAL OUTPUT FELL 2% IN 2019 - REUTERS
Coal production in Colombia, the fifth-largest coal exporter in the world, fell 2% to 82.2 million tonnes in 2019 after output at one of the princi ...
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- Minerals Council of Australia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Planning Commission, India
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
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