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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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Tuesday, 09 June 20
INDIA: COAL IMPORT DROPS BY 20% TO NEARLY 19 MILLION TONNES IN MAY, SAYS REPORT - HINDUSTAN TIMES
The country’s coal import dropped by 20 per cent to 18.93 million tonnes (MT) last month, industry data showed.
The government ...
Monday, 08 June 20
WOOD MACKENZIE: THE INDISPENSABLE OPEC+
Rumours of “the death of OPEC” have been circulating for almost as long as the organisation has existed. Just three years after the car ...
Monday, 08 June 20
CHINA'S COAL IMPORTS FALL NEARLY 20% IN MAY EVEN AS DEMAND RISES - REUTERS
China’s coal imports in May fell nearly 20% compared with a year earlier even as demand recovered at power plants and industrial users, custo ...
Monday, 08 June 20
JUNE 2020 INDONESIAN COAL PRICE REFERENCE HIT US$ 52.98 A TON, ITS LOWEST LEVEL SINCE AT LEAST AUGUST 2016
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Sunday, 07 June 20
A SCRUBBER FITTED 61,000 ULTRAMAX WAS FIXED DELIVERY PHILIPPINES TRIP VIA SOUTH AFRICA REDELIVERY VIETNAM AT $9,500 - BALTIC BRIEFING
Capesize
The small flicker of hope at the beginning of this week has kindled a small fire under the Capesize market. At a paltry $3369 from the ...
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- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- PTC India Limited - India
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- The University of Queensland
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
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