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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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Thursday, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
Wednesday, 04 March 20
MARKET INSIGHT - INTERMODAL
As it was expected, the whole world has been focusing on the spread of the Coronavirus, with the fast outbreak being primarily a massive humanitari ...
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- Uttam Galva Steels Limited - India
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- PTC India Limited - India
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
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