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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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Tuesday, 25 August 20
INDIA'S IMPORTS FALL AS LOCKDOWNS IMPACT THE POWER AND INDUSTRIAL SECTORS - REPORT
India is the world’s second largest thermal coal consumer and importer, importing an estimated 211 million tonnes of thermal coal in 2019.&nb ...
Monday, 24 August 20
A COMBINATION OF DEVELOPMENTS DROVE THE FALLOFF COAL PRICES - CHIEF ECONOMIST’ OFFICE, AUSTRALIA
China, rising domestic production combined with subdued power demand;
India, a lockdown coupled with government directives that fav ...
Monday, 24 August 20
AUSTRALIA'S THERMAL COAL EXPORTS ARE FORECAST TO DROP FROM AN ESTIMATED $20 BILLION IN 2019-20 TO $16 BILLION IN 2020-21: REPORT
Thermal coal spot prices have fallen sharply as the impact of COVID-19 drives a contraction in seaborne trade for only the second time this century ...
Saturday, 22 August 20
REPORT SEES INDIA’S RELIANCE ON THERMAL POWER DROPPING TO 50% IN 2021, 43% IN 2026 - ET ENERGY | IEEFA
India’s dependence on thermal power will reduce to 50 per cent by 2021-22 and 43 per cent by 2026-27 on the back of renewable energy (RE) cap ...
Friday, 21 August 20
323 MILLION ELECTRIC VEHICLES WILL BE ON THE ROADS BY 2040 - WOOD MACKENZIE
Electric vehicle (EV) sales are expected to reach 45 million units per year by 2040, with a total global EV stock of 323 million, according to new ...
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- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Sical Logistics Limited - India
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Minerals Council of Australia
- Thai Mozambique Logistica
- White Energy Company Limited
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
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