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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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Thursday, 10 September 20
U.S. COAL PRODUCTION IN 2020 TO BE 511 MMST, 28 PER CENT LOWER THAN IN 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 511 million short tons (MMst), 194 MMst (28%) lower than in 2019. Mitigation efforts related t ...
Thursday, 10 September 20
DRY BULK SHIPPING: CHINA'S DEMAND KEEPING THE DRY BULK MARKET GOING - PETER SAND | BIMCO
Overview
An impressive recovery in Chinese dry bulk imports has protected the industry from the effects of falling demand in the rest of the wo ...
Thursday, 10 September 20
TANKER SHIPPING: FREIGHT RATES BACK AT LOSS-MAKING LEVELS AFTER 12 VERY PROFITABLE MONTHS - BIMCO
Overview
A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil product ...
Thursday, 10 September 20
INDIA'S COAL IMPORTS STUMBLE IN AUGUST, RAISING RISK OF SLOW RECOVERY - REFINITIV | BANCHERO COSTA
After posting a mild recovery in July, India's coal imports have stumbled in August as the South Asian nation battles to restart it ...
Thursday, 10 September 20
THE FIRST 8 MONTHS OF 2020, INDONESIA EXPORTED 217.4 MLN TONNES OF COAL BASED ON REFINITIV - BANCHERO COSTA
The coal market has been hit by a weaker global economy as a result of COVID-19 pandemic and falling industrial electricity demand ...
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- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- The University of Queensland
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
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