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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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Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
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- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Planning Commission, India
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- The University of Queensland
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
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