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Wednesday, 15 July 20
MARKET INSIGHT - INTERMODAL
 The Covid-19 virus spread around the world has obviously impacted the global oil demand while the situation remains fluid. The overall constraints in travelling and broader economic activity have resulted in the decline of global oil demand. The existing turmoil does not allow market participants to come to safe conclusions on what the final impact in the economy and total oil demand will be.
On the global supply side, record output cuts from OPEC and deep declines from other non-OPEC producers saw global oil production deteriorating. Respectively, global oil output is calculated to increase by 1.7mb/d in 2021 subject to OPEC cuts and basis Norway’s and Brazil’s deliveries. On the other hand, USA supply is estimated to decrease by almost 1 mb/d in 2020 except if further investments arise for the shale industry. The global refinery intake was close to 69 mb/d up to the end of April and overall, down by 12 mb/d on y-o-y basis. Further to that, product stocks raised sharply with OECD recording increases of oil stocks close to 4.9 md/d in April while floating storage for crude oil fell in May. Moreover, OPEC decided in June to extend their output cut close to 10 mb/d throughout July focusing on rebalancing the market. Crude prices rose in May to the highest seen in the past three months as demand resumed and global supply fell strongly. Rising prices compressed products such as diesel, jet and kerosene due to the weak outlook for the aviation industry while freight rates plunged as OPEC cuts took effect.
While the oil market remains fragile, the recent recovery in oil prices implies that the first half of 2020 will end in a more positive outlook than expected. On the demand side, China’s exit from lockdown restrictions has resulted in a demand recovery in April touching 2019 levels. In addition, we have witnessed a strong boost in Indians demand in May, however it is still well below year-ago levels. In the second half of the year, easing of global lockdown measures should give a boost to the oil market. Even so, demand in 2020 is expected to be 8.1 mb/d lower compared to 2019, with the biggest declines being reported in the first half of the year.
The IEA has developed two scenarios on how global oil demand could evolve this year. In the more pessimistic scenario, global measures will fail to contain the virus, and global demand will fall by 730,000 b/d in 2020. In a more optimistic case, the virus is contained quickly around the world, and global demand will grow by 480,000 b/d. Covid-19 impact on oil markets may be temporary, but the longer-term challenges that suppliers will face are not going away, especially for those that are heavily dependent on both oil and gas revenues.
To sum up, as we are beyond the first half of 2020 and measures such as the OPEC agreement and the meeting of G20 energy ministers have provided a major contribution to the efforts for restoring stability to the market, if recent trends in production are maintained and demand does recover, the market will stabilize by the end of the second half. The short-term outlook for the oil market will ultimately depend on how quickly governments will move to contain the corona-virus outbreak, how successful their efforts will be, and what impact the global health crisis will have on economic growth.
By Katerina Restis
Tanker Chartering
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, 24 July 20
IPA: THERMAL COAL IMPORTS AT MAJOR PORTS DECLINE 35 PC TO 17.71 MT IN APR TO JUNE - ECONOMIC TIMES
These ports had handled 27.13 MT of thermal coal and 14.95 MT of coking coal in the April-June period of the previous financial year
...
Thursday, 23 July 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 1.36 MILLION TONS OF BITUMINOUS COAL FOR OCTOBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 1,360,00 ...
Wednesday, 22 July 20
CIL'S COAL SUPPLY TO POWER SECTOR DROPS OVER 21% TO 93.5 MT IN APR-JUN QUARTER - PTI
The supply of coal by state-owned Coal India Ltd to the power sector fell 21.7 percent to 93.5 million tonnes (MT) in the first quarter of the ongo ...
Monday, 20 July 20
KOREA MIDLAND POWER INVITED BIDS FOR TOTAL 2.520 MILLION MT OF BITUMINOUS COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO), has issued an international tender for total 840,000 of Bituminous Coal to be used at Bo ...
Monday, 20 July 20
CHINA'S JUNE COAL OUTPUT FALLS 1.2% YEAR-ON-YEAR OVER ILLEGAL MINING CHECKS - REUTERS
China’s coal output dropped 1.2% in June on the year to 330 million tonnes, official data showed, as major coal mining areas cracked down on ...
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- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Ministry of Transport, Egypt
- White Energy Company Limited
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Minerals Council of Australia
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- The University of Queensland
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
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