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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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Monday, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Aditya Birla Group - India
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
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