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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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Monday, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- VISA Power Limited - India
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
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