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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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Wednesday, 04 March 20
CORONAVIRUS: A WILDCARD FOR BULKS DEMAND - WOOD MACKENZIE
The coronavirus is casting a shadow across commodity markets. It has undermined China’s economic sentiment, putting the country’s growt ...
Wednesday, 04 March 20
THERMAL COAL TO 'PHASE OUT', STRONG DEMAND FOR COKING COAL: PLATO - SYDNEY MORNING HERALD
Plato Investments managing director Don Hamson says Australian iron ore producers are set to benefit in the fallout from coronavirus as China will ...
Wednesday, 04 March 20
CHINA PROVINCE TO CLOSE 10 MLN TONNES OF COAL CAPACITY IN 2020 - XINHUA
Southwest China’s Guizhou Province plans to phase out 10 million tonnes of outdated coal production capacity by closing 80 coal mines in 2020 ...
Wednesday, 04 March 20
UKRAINE PRODUCED OVER 2.55 MLN TONNES OF COAL IN FEBRUARY - UKRINFORM
In February 2020, Ukraine produced over 2.55 million tonnes of coal, which is 0.2% less than planned.
The Coal Miners Union of Ukrai ...
Tuesday, 03 March 20
IMPORTANCE OF MASTER'S CARGO CHECKS - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
Adecision in recent High Court case has made it clear that there is no implied indemnity from a charterer to their counte ...
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- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- The University of Queensland
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
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