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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, 03 March 20
COAL'S SHARE OF CHINA ENERGY MIX FALLS IN 2019 BUT CONSUMPTION STILL RISING - REUTERS
Coal accounted for 57.7% of China’s primary energy consumption in 2019, the National Bureau of Statistics said on Friday, down 1.5 percentage ...
Monday, 02 March 20
SHIPOWNERS AND OPERATORS COULD FACE DETENTION OF SHIPS FROM 1ST MARCH UNDER IMO RULE - ICS
Port state control authorities will begin to enforce the IMO’s Sulphur 2020 from 1st March, making it an offense for ships to carry fuel that ...
Saturday, 29 February 20
SUPRAMAX SENTIMENT WAS UP IN A FEW KEY AREAS OVER THE LAST WEEK - BALTIC BRIEFING
Capesize
The Capesize market woes related to Coronavirus have now spread through the wider global markets like wildfire. The wider supply and d ...
Thursday, 27 February 20
FOREIGN COMPANIES LIKELY TO SKIP COMMERCIAL COAL BLOCK AUCTIONS - ECONOMIC TIMES
The Centre is in the process of inviting global players for commercial mining, following 100% foreign direct investment in the sector. However, giv ...
Wednesday, 26 February 20
SHIPPING MARKET INSIGHT - INTERMODAL
Coming from one of its busiest periods historically, with a list of scrubber and BWMS retrofits on a waiting list, the ship repair sector is witnes ...
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- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Australian Coal Association
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