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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, 02 June 20
THE HISTORIC DECLINE OF US COAL - WOOD MACKENZIE
The first commercial power plant in the US was Thomas Edison’s coal-fired Pearl Street station in lower Manhattan, which started operating in ...
Tuesday, 02 June 20
COAL INDIA'S MAY SALES DRIVEN SHARPLY LOWER BY SLUMP IN POWER DEMAND - REUTER
Coal India’s sales fell 23.3% in May as utilities refrained from purchases amid record stockpiles and tepid demand because of a nationwide lo ...
Tuesday, 02 June 20
TUAH TURANGGA AGUNG RECORDED 4.54 MILLION TONS OF COAL SALES IN THE FIRST FOUR MONTHS OF 2020
PT United Tractors Tbk through its subsidiary, PT Tuah Turangga Agung recorded 4.54 million tons of coal sales in the first four months of 2020, up ...
Tuesday, 02 June 20
SOURING SINO-AUSTRALIA TRADE RELATIONS - BALTIC EXCHANGE
Cooling relations between the commodity powerhouses of China and Australia may point to trade troubles ahead when the world emerges from the Covid- ...
Tuesday, 02 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.86 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.95 points Monday, down 0.86 percent week on week.
The index, released by Chi ...
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- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Planning Commission, India
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Australian Coal Association
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
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