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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- MS Steel International - UAE
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Planning Commission, India
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
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