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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, 03 April 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Wednesday, 01 April 20
TRADERS SCRAMBLE TO SELL CHEAP CRUDE CARGOES AS GLUT GROWS - REUTERS
Oil traders across the globe are offering cargoes far in advance as rapidly vanishing demand drives key physical crude prices to multi-decade lows, ...
Wednesday, 01 April 20
MARKET INSIGHT - INTERMODAL
There is an old, allegedly Chinese, saying suggesting that living in “interesting” times usually refers to times of trouble. The latest ...
Tuesday, 31 March 20
FREIGHT MARKET: DRY BULKERS - SPOT MARKET 23-29 MARCH 2020
Capesize
The rebound in freight rates resumed this past week, with rates man-aging to post further gains by week’s end. The BCI is in negat ...
Tuesday, 31 March 20
DRY BULK: Q1 HAS BEEN THE WORST QUARTER NOTED FOR MORE THAN 3 YEARS NOW - ALLIED RESEARCH
At this point, the Covid-19 pandemic seems to be monopolizing all market (as well as all other) discussions across the world and any market insight ...
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- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- The University of Queensland
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
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