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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, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Planning Commission, India
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Parliament of New Zealand
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
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