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Thursday, 16 April 20
MARKET INSIGHT - INTERMODAL
 As everyone anticipated the results of the OPEC + G20 meeting last week, it was very interesting to watch the reaction of tanker rates that were in a bull run lately. Amidst an oversupplied oil market and expectations of production cuts and consequent oil price hikes, the large contango effect has made profitable several storage plays during the past couple of months, occupying a lot of ships as a result, while in addition to that, several countries decided (amid bottoming oil prices and the Coronavirus pandemic emergency) to increase to the maximum their strategic petroleum reserves (e.g. the US SPR already has 634 million barrels in storage vs. a total capacity of 713 million barrels).
Key stakeholders in the industry created an additional hype by characterizing this meeting as one of the most important and historic events in the last two decades, creating expectations that any deal would lead to a further spike in short-term activity. There were of course also some less optimistic voices in the industry insisting that deal or no-deal the tanker market remained fundamentally weak in the long term, with the pandemic restrictive measures around the world already leading to a 25-35 million b/d or 30% decrease in demand. Following the end of the meeting, OPEC+ announced output cuts of 9.7m b/d for May and June, 8m b/d for the remainder of 2020 and 6 million b/d for the period January 2021-April 2022. The record cuts we are about to witness in the next couple of months are almost equal to 10% of global supply, while together with non-OPEC+ member cuts the figure could even reach the equivalent of 1/5 of global supply.
This means that May onwards cargo loadings will definitely see significant declines and this will most likely have a negative impact on the tanker freight market. Because of this expectation, we could possibly see producing countries trying to pump out as much product as possible before the agreement enters into effect, which could offer some support to the tanker market before we reach May 1st.
Looking further ahead and as “expecting the unexpected” is something everyone must have gotten used to by now, I’d say that there are a few possible scenarios in which neither the oil market dries up, nor prices manage to stabilize at much higher levels and push freights down. We have seen many times during previous output cuts that there have been some non-compliant members and we won’t be surprised to see certain producing countries eventually ramping up production above what was agreed this time as well.
Not only would such a development restore part of the cargoes lost, but it would also cause great dissatisfaction to compliant members that would start losing market share due to non-compliance and this could eventually lead to a new price war as a result. In addition to that, global demand for oil will gradually begin to increase as countries around the world eventually start to exit the pandemic emergency state and return to normality, while let’s not forget the amount of tonnage that has been used for storage and will not be competing for business in the tanker market.
By Ilias M. Lalaounis
SnP 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, 16 April 20
CHINA'S BENCHMARK POWER COAL PRICE FALLS 5 YUAN PER TONNE - XINHUA
China’s benchmark power coal price fell by 5 yuan (about 70 U.S. cents) per tonne during the past week.
The Bohai-Rim Steam-Co ...
Monday, 13 April 20
SUPRAMAX: A 56,000DWT SHIP WAS FIXED DELIVERY PARADIP, REDELIVERY CHINA, AT $4,700 - BALTIC BRIEFING
Capesize
The Capesize market this past week looks to have come off life support and found some improved sentiment. The week began rather ordina ...
Saturday, 11 April 20
FAQ: COVID-19 AND CLUB COVER - UK P&I
KNOWLEDGE TO ELEVATE
The Coronavirus (COVID-19) pandemic has generated a significant number of enquiries and questions from Members in recent ...
Saturday, 11 April 20
KOEN POWER PLANTS INVITED BIDS FOR 1.5 -1.62 MMT OF STEAM COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,500,000-1,620,000 Metric Tons (M ...
Friday, 10 April 20
INDIA'S BULKS SUPPLY CHAIN TAKES A HIT DURING LOCKDOWN - WOOD MACKENZIE
India is under a three-week lockdown from 25 March to contain the spread of the coronavirus outbreak. Businesses are shut, and the supply chain is ...
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Showing 1016 to 1020 news of total 6871 |
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- VISA Power Limited - India
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Deloitte Consulting - India
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Bhatia International Limited - India
- PTC India Limited - India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
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