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Thursday, 28 May 20
MARKET INSIGHT - INTERMODAL
 Earlier in May, China’s top leaders convened for the annual National People's Congress, following over two months of delays due to the coronavirus outbreak. Chinese Premier Li announced that China would not set a GDP growth target for 2020. This move can be also interpreted as a signal that the government is prepared to accept a low level of growth in 2020.
The second key announcement following the COVID-19 disruption and much to the joy of the dry bulk community, was the infrastructure-focused fiscal stimulus of RMB 4.75trillion (USD670b). This includes increased local government spending quota and special treasury bonds, a key source for infrastructure funding. The government hopes this stimulus will bring growth targets back on track but it will also help with employment and as a result social stability.
China’s stimulus package is, in absolute numbers, larger than its 2008 response but a lot of analysts expected even more as the Chinese economy is significantly larger compared to 12 years ago (meaning that this stimulus is a smaller percentage of GDP) and as the US has already pledged over US$3 trillion into its own economy. And while the two world powers - USA and China - have experienced longstanding friction over trade wars, tensions have risen dramatically amid the pandemic.
On the one hand, representatives from the USA and China keep pledging their continued support for the phase one trade deal, with China just last week announcing a new list of US products eligible to be excluded from retaliatory tariffs. On the other hand, President Trump facing re-election this year and being criticized for his handling of the pandemic, is blaming China for trying to cover up the outbreak. Beijing's officials have urged the US to stop wasting time with the “political virus” and repeated their assertions that China has acted responsibly to safeguard global public health. On a hugely symbolic gesture, when the US banned all flights from many EU countries, China sent medical teams and supplies to countries like Italy and Iran who were at the time at the “eye” of the pandemic.
Globally, as the pandemic and lockdowns continue and the economic effect from the pandemic proves more severe than what was originally estimated, countries around the world are shyly looking at the next day and have now deployed a massive $9 trillion of global fiscal support to help people and companies get through this crisis.
As China started reopening its economy, data from IMF shows that world exports initially recovered across the board. Specifically for oil, the recent export performance is particularly strong but as oil is being stored at sea, the surge in exports is not fully matched by imports. It is quite certain, that when the virus is eventually defeated, China's economic resurgence is going to play a critical role in helping to rebuild the shattered global economy.
By Theodore Ntalakos
SnP 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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
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