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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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Thursday, 23 July 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 1.36 MILLION TONS OF BITUMINOUS COAL FOR OCTOBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 1,360,00 ...
Wednesday, 22 July 20
CIL'S COAL SUPPLY TO POWER SECTOR DROPS OVER 21% TO 93.5 MT IN APR-JUN QUARTER - PTI
The supply of coal by state-owned Coal India Ltd to the power sector fell 21.7 percent to 93.5 million tonnes (MT) in the first quarter of the ongo ...
Monday, 20 July 20
KOREA MIDLAND POWER INVITED BIDS FOR TOTAL 2.520 MILLION MT OF BITUMINOUS COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO), has issued an international tender for total 840,000 of Bituminous Coal to be used at Bo ...
Monday, 20 July 20
CHINA'S JUNE COAL OUTPUT FALLS 1.2% YEAR-ON-YEAR OVER ILLEGAL MINING CHECKS - REUTERS
China’s coal output dropped 1.2% in June on the year to 330 million tonnes, official data showed, as major coal mining areas cracked down on ...
Monday, 20 July 20
COAL INDIA LAUNCHES SPECIAL CATEGORY OF E-AUCTION FOR COAL IMPORTERS - BUSINESS STANDARD
Coal India (CIL) on Friday launched a special category of e-auction for importers of coal. This is in line with the government’s declaration ...
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- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Posco Energy - South Korea
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Planning Commission, India
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
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