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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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- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Indika Energy - Indonesia
- White Energy Company Limited
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Planning Commission, India
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
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