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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, 29 July 20
2019 U.S. COAL PRODUCTION FALLS TO ITS LOWEST LEVEL SINCE 1978 - EIA
In 2019, U.S. coal production totaled 706 million short tons (MMst), a 7% decrease from the 756 MMst mined in 2018. Last year’s production wa ...
Wednesday, 29 July 20
MARKET INSIGHT - INTERMODAL
The dry bulk sector is beginning to recover from reduced SnP activity recorded in the first quarter of 2020. The table below illustrates that appro ...
Tuesday, 28 July 20
DEUTSCHE BANK TO END GLOBAL BUSINESS ACTIVITIES IN COAL MINING BY 2025 - REUTERS
Deutsche Bank, in a revamp of its policies for fossil fuels, said on Monday that it would end business activities worldwide related to coal mining ...
Monday, 27 July 20
IEEFA ENERGY FINANCE CONFERENCE 2020: COAL, LNG, PETROCHEMICAL SECTORS FACE POOR OUTLOOK AND UPHILL BATTLE FOR INVESTORS
Fossil fuel industries were becoming less financially attractive even before the global coronavirus pandemic
Three major fossil fuel ...
Friday, 24 July 20
IPA: THERMAL COAL IMPORTS AT MAJOR PORTS DECLINE 35 PC TO 17.71 MT IN APR TO JUNE - ECONOMIC TIMES
These ports had handled 27.13 MT of thermal coal and 14.95 MT of coking coal in the April-June period of the previous financial year
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- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
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