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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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Tuesday, 12 May 20
CAN INDONESIA'S COAL INDUSTRY SURVIVE COVID-19? : IEEFA
Pandemic Lockdown and Slumping Prices Put Extreme Pressure on Coal Miners
Executive Summary
While attention has been focused on th ...
Tuesday, 12 May 20
INDIA'S COAL PRODUCTION TO CLOCK RECORD 700 MILLION TONNES IN FY21: COAL SECRETARY - PTI
Coal Secretary Anil Jain said FY20 coal production was lower than the target of 660 million tonnes because of flooding of a key coal mine.
&nbs ...
Monday, 11 May 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Monday, 11 May 20
CORONAVIRUS PUTS MORE THAN A THIRD OF SEABORNE COAL SUPPLY AT RISK - WOOD MACKENZIE
The full impact of the coronavirus outbreak on the global economy is yet unclear. However, the demand destruction is already becoming evident, with ...
Saturday, 09 May 20
ANGLO AMERICAN CONSIDERS SPINNING OFF SOUTH AFRICAN COAL OPERATIONS - REUTERS
Diversified miner Anglo American said on Thursday it prefers unbundling and listing its thermal coal operations in South Africa on the Johannesburg ...
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- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Central Electricity Authority - India
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- The Treasury - Australian Government
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Planning Commission, India
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
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