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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, 19 March 20
BIMCO REVISES 2020 FORECAST FOR MAIN SHIPPING MARKETS
The coronavirus pandemic is impacting global shipping demand for 2020 negatively. The speed of the virus spread makes it difficult to assess the fu ...
Thursday, 19 March 20
U.S. COAL EXPORTS DECLINED IN 2019 - EIA
In 2019, U.S. coal exports declined to 93 million short tons (MMst), a 20% decrease from the previous year, according to the U.S. Energy Informatio ...
Thursday, 19 March 20
SOUTH KOREA'S KOSPO INVITED BIDS FOR MIN 3,700 OR MIN 4,200 NCV LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO), has issued an international tender for total 160,000 MT (±10%) (80,000 x 2 Panamax) of ...
Wednesday, 18 March 20
DRY BULK: INDONESIAN COAL CARGOES PROVIDING A BIG BOOST IN THE EAST WHERE SENTIMENT FOR HANDIES ALSO STARTED IMPROVING - INTERMODAL
The BDI ended last week with small gains on the back of an encouraging number of cargoes out of key trading regions that helped sustain the reserve ...
Wednesday, 18 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
Despite we all knew about the Covid-19 weeks ago, few could realize the size of the thread until the last few days. The examples of China and Italy ...
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- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Central Java Power - Indonesia
- Australian Coal Association
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
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