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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 17 March 20
IT IS NOW UNQUESTIONABLE THAT 2020 WILL BE A MILESTONE YEAR FOR THE OIL MARKET, AS WELL AS THE WHOLE GLOBAL ECONOMY - ALLIED
It is now unquestionable that 2020 will be a milestone year for the oil market, as well as the whole global economy. The impact from the COVID-19 o ...
Tuesday, 17 March 20
PRELIMINARY FIELD EXPERIENCES ON THE EFFECTS OF LSFO AND VLSFO ON CYLINDER CONDITION - HANS JENSEN LUBRICATORS
It is now more than two months since the 0.5% sulphur cap entered into force, which have affected the operation of more than 70,000 vessels. As ant ...
Monday, 16 March 20
ULTRAMAX: S8 INDONESIA-INDIA AND S10 INDONESIA-CHINA ROUTES BOTH POSTED GAINS OF $1,412, AND $1,289 ON THE WEEK, TO CLOSE AT $5,575, AND $6,089 RESPECTIVELY - BALTIC BRIEFING
Capesize
The Capesize market came to work on Monday, with little expectation, or confidence, that the days ahead were going to bring anything o ...
Sunday, 15 March 20
CAPTIVE COAL OUTPUT RISES 19% IN APRIL-FEBRUARY - FINANCIAL EXPRESS
Coal production from captive mines in the first eleven months of the ongoing fiscal have increased by 18.8% year-on-year (y-o-y) to 51.7 million to ...
Friday, 13 March 20
PANAMAX: SLIGHTLY STRONGER NUMBERS IN BOTH BASINS THIS WEEK - FEARNLEYS
Cape
Still very sad times for the big ships, and merit in further trading at present levels is highly debatable for most tonnage. Spot fixtures ...
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- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
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