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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, 18 August 20
BLACKBALLED: WILL COAL BOUNCE BACK FROM SLUMP OR IS IT TERMINAL? - SYDNEY MORNING HERALD
Even by the standards of this miserable year, 2020 has been a shocker for the global coal industry.
As the lockdown kicked in demand ...
Friday, 14 August 20
EIA: COAL PLANTS UNECONOMICAL IN MOST REGIONS - IEEFA
U.S. coal power generation plunged by 30 percent in the first half of 2020 off an already-depressed base, shoved out by natural gas and renewables ...
Thursday, 13 August 20
INDIA SHOULD RECORD A SLIGHT DECREASE IN THERMAL COAL IMPORTS, REACHING A VOLUME OF 167 MILLION TONS BY THE END OF 2020 - ASSOCARBONI
Regarding 2020 thermal coal imports forecasts, Vietnam’s coal imports showed a very strong growth in the first half of 2020 and it is believe ...
Thursday, 13 August 20
INDONESIA REMAINS THE LARGEST EXPORTER OF COAL IN THE WORLD - ASSOCARBONI
According to the last Assocarboni data for 2019, Indonesia remains the largest exporter in the world. Thermal coal exports have in fact reached 456 ...
Wednesday, 12 August 20
VIETNAM WAS THE PROTAGONIST OF A SIGNIFICANT INCREASE IN COAL IMPORTS IN 2019 - ASSOCARBONI
The latest Assocarboni data for 2019 also provide a detailed picture on the trend of the global coal import.
According to Assocarbon ...
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- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Australian Coal Association
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
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