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Wednesday, 05 August 20
SLUMP IN OIL REVENUE CHALLENGES MIDDLE EAST OIL EXPORTERS - INTERMODAL
 The Covid-19 pandemic has had far-reaching consequences on the global capital markets. Despite the US government’s efforts for a quick and decisive response to Covid-19, unemployment rates rocketed to unprecedented figures. This was a key contributor to the near one-third shrinkage of the economy. Driving restrictions within the US and the decline in countrywide GDP have adversely affected gasoline and oil demand throughout the nation.
Being one of the most predominant global crude oil consumers, South Korea has seen its exports plummet to significant lows. This is likely to cause a nationwide recession which will further reduce global demand for oil. Chinese oil demand has gradually softened thus reducing the price per oil barrel in Asia. At the same time, derivative markets which add value to North Sea crude oil grades, are in a frail state.
The oil consumption outlook does not appear to be any better in Europe, with Finnish refiner Neste Oyj predicting that demand for oil products will remain “severely reduced” in the third quarter. Despite the recent historic deal between OPEC+ nations to cut global oil output, crude oil remains priced at around $40/barrel. Energy analyst C. Markits predicts an average price of $43/barrel for Brent in July; this figure may rise to $50 by December provided that oil demand will begin to recover. However, this is just one of many highly speculative scenarios.
The IMF argues that plunging crude prices coupled with global production cuts are expected to significantly affect oil exporters in the Middle East and North Africa. Combined oil income for these exporting regions is projected to decrease by $270 billion y-o-y from 2019. According to S&P Global Ratings, country members of the Gulf Cooperation Council are set to accumulate a combined $490 billion in government deficits between 2020 and 2023.
Responses to the economic shock
Saudi Arabia tripled its VAT in the past month in an effort to reverse the deficit and revive its economy. This is expected to reduce its deficit by $27 billion. At the same time, the government announced the suspension of cost-of-living allowances for its employees. Additionally, several governmental operational and capital expenditures will either be cancelled, extended, or postponed whereas major projects will materialize under strictly reduced provisions. Saudi Arabia plans to privatize state-held assets in healthcare, education and water utility sectors to raise additional funds. Saudi Finance Minister Mohammed Al-Jadaan argued at a Bloomberg forum that Arabian exporters could receive billions from such privatizations over the next five years.
Kuwait - which is one of the world’s wealthiest countries - is also facing a severe budget crunch. After having a running deficit that could reach 40 per cent of its economy this year, the Kuwaiti Finance Ministry is seeking permission from parliament to tap global debt markets for as much as $65 billion. However, Kuwait’s options are limited. The General Reserve Fund has been used aggressively in recent months. This has left its liquid assets in a vulnerable state and they could be further depleted within the current fiscal year, or by April 2021.
By Apostolos Rompopoulos
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, 07 October 20
U.S. COAL PRODUCTION TO DECREASE BY 26 PERCENT IN 2020 COMPARED TO 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 525 million short tons (MMst), compared with 705 MMst in 2019, a 26% decrease.
COVID-19 a ...
Wednesday, 07 October 20
MARKET INSIGHT - INTERMODAL
The challenges brought forward in 2020 proved to be very different from what we could have ever imagined. Together with placing a significant strai ...
Tuesday, 06 October 20
KOSPO TO IMPORT 80,000 MT OF 3,800 NCV COAL FOR 2H NOV
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 MT Min.3800 kcal/kg NCV coal 2H November, 2020 l ...
Friday, 02 October 20
THE INDONESIA COAL PRICE REFERENCE RISE AFTER HISTORIC CRASH TO US$ 49.42
COALspot.com: The Indonesia Coal Price Reference for the month of October Rise to US$ 51.00 after historic crash to US$ 49.42 in September 2020.
...
Friday, 02 October 20
SRI LANKA MUST LEARN LESSONS FROM AROUND ASIA TO AVOID FURTHER ELECTRICITY CRISES - IEEFA
Overcommitment to fossil-fuelled power generation is leading to excess capacity and rising capacity payments, subsidies, and tariffs around the con ...
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- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Planning Commission, India
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- White Energy Company Limited
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
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