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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, 08 May 20
THE COLLAPSE OF THE OIL AND BUNKER FUEL MARKETS IN EARLY 2020 - PETER SAND
The sulphur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the centre stage in the shipp ...
Friday, 08 May 20
LNG DEMAND FACED SEVERAL HEADWINDS IN THE FIRST QUARTER OF 2020 - GASLOG
LNG demand faced several headwinds in the first quarter of 2020 including a warmer than average winter in the northern hemisphere, high inventory l ...
Thursday, 07 May 20
IEEFA UPDATE: THE OUTLOOK FOR THERMAL COAL IN SOUTHEAST ASIA AND SOUTH ASIA
Seven headwinds are building to sustained growth in coal in Asia
The medium term outlook for thermal coal in Southeast Asia is posit ...
Thursday, 07 May 20
IMO 2020: BUNKER CLAIMS HANDLING GUIDE FOR A NEW DECADE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
IMO 2020 is the term generally used to describe the following regulations under Annex VI of the International Convention ...
Thursday, 07 May 20
CRUDE OIL TANKER EARNINGS DROP 68% IN NINE DAYS - BIMCO
Crude oil tanker earnings have come down sharply in recent weeks with Very Large Crude Carrier (VLCC) earnings from the Middle East Gulf to China d ...
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- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
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