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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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Friday, 07 August 20
PEABODY'S $1.42 BILLION WRITE-DOWN CONCEDES COAL MINES HAVE LITTLE VALUE AND DIM FUTURE - IEEFA
Trouble at biggest mine in Powder River Basin speaks volumes about state of industry
Peabody Energy, the world’s largest priva ...
Thursday, 06 August 20
SUPRAMAX MARKET CONTINUED SIDEWAYS TREND, AND LITTLE INSPIRING NEWS APPEAR - FEARNLEYS
Capesize
There is presently a small correction in rates, but overall levels are up from previous week mainly due to increased demand in the Eas ...
Thursday, 06 August 20
KOREA SOUTH-EAST POWER INVITING BIDS FOR MIN 3,600-MAX 3,800 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) inviting bids for 80,000 Tons (MT) Min 3,600~Max 3,800 kcal/kg NCV coal f ...
Wednesday, 05 August 20
NO NEW MINING LICENSES - A REMINDER TO GOVERNORS IN INDONESIA - SSEK
Indonesia’s acting Director General of Mining and Coal (“DGMC”) has issued a letter to the country’s provincial Governors t ...
Wednesday, 05 August 20
AUGUST 2020 HBA HITTING ITS LOWEST LEVELS IN HISTORY
COALspot.com: The Indonesia Coal Price Reference for the month of August plunged 30.73% YoY, hitting its lowest levels in history and highlighting ...
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- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Parliament of New Zealand
- Australian Coal Association
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- White Energy Company Limited
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Planning Commission, India
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
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