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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 developments on a global scale indicate that most probably we are among the less fortunate. Another saying though suggests that “there is always something good in every bad”. Surely, no-one doubts that the new virus may cause thousands of deaths. It also goes without saying that a prolonged shutdown of every developed/developing country of the world will have severe economic and social consequences. This is now clear to everyone. We are constantly being bombarded with bad news by way of noisy words such as “markets free fall”, “huge sell off”, “bankruptcy”, “worst ever recession”, “collapse” etc. This is so stressful.
However, there is also some good news. Apart from the hundreds of scientists and laboratories currently looking for ways to fight the virus, there are unprecedented, huge fiscal and monetary stimulus packages offered by governments and central banks across the world and almost in a coordinated way. They are ready to do ‘’whatever it takes’’ so that the global economy gets back on its feet. Rate cuts, loan guarantees, tax cuts, wage subsidies, liquidity schemes and asset purchase programs are just a few of the tools that governments and central banks have already decided to use so that they don’t allow economies to derail.
So, apart from the daily 1-2 hours’ bad news “update”, what should the news talk about? Where is the “good” in all this bad? It is hiding in the day after. This is the day after the lockdown measures are over; the day that the global economic growth will start gathering pace. Regardless of what its shape will be – ‘’V’’, ‘’U’’, ‘’L’’ or ‘’W’’ – recovery will eventually come, as it has done in all the previous ‘’catastrophic’’ times in human history. However, it will still be the end of the world as we know it, both in micro and macro-economic level.
Digitalization will grow even faster. People will change the way they live and work. New and more productive ways of working will be adopted, through smart working, with less physical (i.e. less commuting and traveling) and much more efficient meetings. E-commerce, tele-medicine and on-line education will also flourish, all allowing more free personal time for everyone.
Supply chains - logistics. Most, if not all, large manufacturing companies will re-consider their current just-in-time inventory management and their reliance on global networks of suppliers. Raw material stocks will be increased as additional reserve cushions in order to prevent exhausted inventory and production disruption due to a global shutdown as the one we are currently facing. Logistics’ hubs will also be re-considered so that they are better (geographically) positioned.
In view of all the above, most likely debt providers will follow suit. Further to the financial standing of each company, its environmental, social and corporate governance, I would be most surprised if the financiers did not add in their checklists each company’s emergency and crisis management plans. In the meantime, and until we reach the ‘’day after’’, let’s all stay at home, stay safe and buy some more time for the people who work either to clinically fight the virus, or provide the means so that we all suffer as less casualties of any kind, as possible.
By George Laios
Deputy CEO, Intermodal Group
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, 18 February 20
CORONAVIRUS AND ITS IMPACT ON YOUR CONTRACT - CAN YOU RELY ON 'FORCE MAJEURE'? - INCE
KNOWLEDGE TO ELEVATE
On 30 January 2020, the World Health Organization (WHO) declared that the outbreak of the Novel Coronavirus (officially t ...
Monday, 17 February 20
IMO-2020 SULPHUR CAP - ISSUES TO CONSIDER PRIOR TO THE IMPLEMENTATION OF THE CARRIAGE BAN ON 1 MARCH 2020 - STANDARD CLUB
With the IMO 2020 global sulphur cap now in force, members should bear in mind another significant date in relation to the ‘carriage ban&rsqu ...
Monday, 17 February 20
COVID-19: THE EFFECT OF THIS PUBLIC HEALTH EMERGENCY ON CHARTERPARTY TERMS - GARD
KNOWLEDGE TO ELEVATE
Is it useful to compare the COVID-19 with earlier disease outbreaks?
A comparison with the Ebola outbreak ...
Saturday, 15 February 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - REUTERS
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Saturday, 15 February 20
CHEN ZHIDA: NOVEL CORONAVIRUS - IMPLICATIONS FOR CHARTERPARTIES - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Last month, the Club issued a bulletin on the 2019 Novel Coronavirus (COVID-19) which explained the origin of the virus a ...
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- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
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