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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, 12 August 20
THE COAL MARKET IN ITALY - ASSOCARBONI
Italy, which in 2019 reported a decrease in thermal coal imports, with a volume of 7,5 million tons (-32% compared to 11 million tons in 2018), whi ...
Wednesday, 12 August 20
U.S. COAL PRODUCTION IN 2020 WILL DECREASE BY 29% FROM 2019 LEVELS TO 502 MMST - EIA
U.S. coal consumption, which dropped to its lowest point since April, totaled 95 MMst in the second quarter of 2020.
EIA expec ...
Tuesday, 11 August 20
BHP COAL ASSETS WORTH A BILLION LESS THAN JUST TWO YEARS AGO - IEEFA
Another global investor, the UK’s biggest public pension fund NEST, has withdrawn funds from BHP this week because the company is profiting & ...
Monday, 10 August 20
COAL IMPORT DROPS 43% IN JULY OWING TO HIGH STOCKPILE AT PITHEADS, PLANTS - PTI
“The market participants seem to have adopted a wait and watch approach and are currently looking for a direction. We do not expect to see an ...
Saturday, 08 August 20
GLOBAL COAL POWER PUZZLE - BALTIC EXCHANGE
Global Energy Monitor’s latest Global Coal Plant Tracker has put another nail in the coffin for the coal-carrying fleet with its finding that ...
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- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Central Electricity Authority - India
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
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