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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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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
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