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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, 06 May 20
COST CHALLENGES IN A US$20/BBL WORLD - WOOD MACKENZIE
A new approach is needed to ensure supply sector resilience
How will US$20/bbl affect the oil and gas supply chain?
It’s going to g ...
Wednesday, 06 May 20
MARKET INSIGHT - INTERMODAL
It comes as no surprise that activity in the dry bulk SnP market remains soft, with asset values caught in the downward spiral generated by the Cov ...
Wednesday, 06 May 20
FLOATING STORAGE OF OIL CARGOES - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Due to a combination of circumstances there is now a worldwide shortage of storage space ashore for both unrefi ...
Wednesday, 06 May 20
IRON ORE TRADE REMAINS REMARKABLY RESILIENT THIS YEAR, AT LEAST IN ASIA - BANCHERO COSTA
Iron ore trade remains remarkably resilient this year, at least in Asia, despite the global economic impact from COVID-19. In the first 4 months of ...
Tuesday, 05 May 20
SUPRAMAXES: YTD SLIDE HAS BEEN 45%, WITH THE AVERAGE FOR 2020 TCA HOLDING AT US$5,793 - ALLIED
It has been almost three months since the WHO officially categorized the current coronavirus outbreak as a global pandemic, an outbreak that has br ...
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- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Minerals Council of Australia
- Planning Commission, India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
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