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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, 16 April 20
CHINA'S BENCHMARK POWER COAL PRICE FALLS 5 YUAN PER TONNE - XINHUA
China’s benchmark power coal price fell by 5 yuan (about 70 U.S. cents) per tonne during the past week.
The Bohai-Rim Steam-Co ...
Thursday, 16 April 20
MARKET INSIGHT - INTERMODAL
As everyone anticipated the results of the OPEC + G20 meeting last week, it was very interesting to watch the reaction of tanker rates that were in ...
Monday, 13 April 20
SUPRAMAX: A 56,000DWT SHIP WAS FIXED DELIVERY PARADIP, REDELIVERY CHINA, AT $4,700 - BALTIC BRIEFING
Capesize
The Capesize market this past week looks to have come off life support and found some improved sentiment. The week began rather ordina ...
Saturday, 11 April 20
FAQ: COVID-19 AND CLUB COVER - UK P&I
KNOWLEDGE TO ELEVATE
The Coronavirus (COVID-19) pandemic has generated a significant number of enquiries and questions from Members in recent ...
Saturday, 11 April 20
KOEN POWER PLANTS INVITED BIDS FOR 1.5 -1.62 MMT OF STEAM COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,500,000-1,620,000 Metric Tons (M ...
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- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- PTC India Limited - India
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- White Energy Company Limited
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Australian Coal Association
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
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