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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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Wednesday, 17 June 20
MARKET INSIGHT - INTERMODAL
After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the deve ...
Wednesday, 17 June 20
KOREA SOUTHERN POWER CO INVITED 80000 MT OF LOW CALORIFIC VALUE COAL FOR AUGUST 1H, 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) Min 4,200 kcal/kg - Max. ...
Tuesday, 16 June 20
A GLOBAL ECONOMIC SLUMP: WHAT WILL IT MEAN FOR METALS AND MINING? - WOOD MACKENZIE
Back before coronavirus knocked “normal” out cold, the key issues for miners were sub-investment prices, rising requirements for ESG an ...
Tuesday, 16 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.58 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.43 points Monday, up 0.58 percent week on week.
The index, released by China ...
Tuesday, 16 June 20
HIGHER IRON ORE PRICES OFFSET CORONAVIRUS-DRIVEN PRODUCTION RISK - FITCH RATINGS
Lower iron ore production in Brazil, resulting from rising coronavirus infections, should only marginally affect the cash flow of Vale and other gl ...
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- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- VISA Power Limited - India
- Ministry of Mines - Canada
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- The University of Queensland
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
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