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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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Tuesday, 31 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.43 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.17 points Monday, down 0.43 percent week on week.
The index, released by Chi ...
Tuesday, 31 March 20
COAL POWER REMAINS IN GLOBAL DECLINE, DESPITE CHINESE SURGE - SYDNEY MORNING HERALD
The impact of coronavirus has prompted a surge in coal-fired power plant construction permits in China, with the Chinese government issuing more pe ...
Monday, 30 March 20
CORONAVIRUS - IMPLICATIONS FOR SHIPS AND CREW - GARD
KNOWLEDGE TO ELEVATE
Countries around the world are strengthening their border control measures in order to prevent the further spread of COVI ...
Monday, 30 March 20
LAY-UP AND RE-ACTIVATION REVISITED - GARD
KNOWLEDGE TO ELEVATE
The COVID-19 pandemic has affected the maritime industry in previously unthinkable ways. Ports around the world are denyi ...
Monday, 30 March 20
PANAMAX: INDONESIA LACKED VOLUME, PARTLY DUE TO FORCE MAJEURE IN INDIAN PORTS - BALTIC BRIEFING
Capesize
As Covid-19 continued to ratchet up tensions across the globe, the Cape market dealt with the change to remote working. Most regions o ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Australian Coal Association
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Marubeni Corporation - India
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