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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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Sunday, 23 February 20
SHIPPING INDUSTRY FACES $370 MILLION HIT FROM NEW PANAMA CANAL CHARGE - REUTERS
A new “freshwater” charge that came in this month to help the Panama Canal cope with climate change will cost the shipping industry up ...
Sunday, 23 February 20
A 57,000DWT SHIP FIXING DELIVERY SOUTH KALIMANTAN TRIP, REDELIVERY CJK, AT $7,600 - BALTIC BRIEFING
Capesize
The Capesize market found little to cheer about this week as it again endured remarkable lows. The Atlantic continued to improve, with ...
Saturday, 22 February 20
THE SURPRISING MOVE IN MARINE FUEL SPREADS - ING
Middle distillates tank
One of the biggest surprises since the implementation of new International Maritime Organization (IMO) sulphur regulati ...
Friday, 21 February 20
CAPE: AVERAGE NOMINAL DAILY EARNINGS STILL ADMITTEDLY UNCHANGED W-O-W AT BELOW US$3000 - FEARNLEYS
CAPE
The worst may just about be over for the big ships. Average nominal daily earnings still admittedly unchanged w-o-w at below US$3k, but sent ...
Friday, 21 February 20
INDIA: POTENTIAL INVESTORS SEEK MORE CLARITY ON COMMERCIAL COAL MINING NORMS - FINANCIAL EXPRESS
Potential private investors have sought more clarity on the pricing mechanism proposed for the much-anticipated auction for commercial coal mining. ...
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- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
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