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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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Monday, 01 June 20
SUPRAMAX: IN SOUTH EAST ASIA RATES TRADED SIDEWAYS - BALTIC BRIEFING
Capesize
A sober end to the week, with the market seemingly ready for the weekend. After a steady week of rate declines a small flurry of Atlan ...
Friday, 29 May 20
COVID-19: COAL SUPPLY BY CIL TO POWER SECTOR DIPS 22% TO 32 MT IN APRIL DUE TO DEMAND SLUMP - PTI
Over 95% of CIL’s production comes from its 171 open cast mines.
The supply of coal to the power sector by state-owned Coal In ...
Friday, 29 May 20
AUSTRALIA'S NEW HOPE WARNS OF HIT FROM COAL PRICE SLUMP - REUTERS
Australia’s New Hope Corp Ltd said on Thursday that a sudden drop in thermal coal prices and lower output from its Queensland operations woul ...
Friday, 29 May 20
GOVT MAY LAUNCH COAL BLOCKS AUCTION PROCESS UNDER COMMERCIAL MINING ON JUN 11 - PTI
The Centre is likely to launch the process of coal blocks auction under commercial mining on June 11 and around 50 mines are expected to go under t ...
Friday, 29 May 20
KOMIPO ON BEHALF FIVE KOREAN GENCOS INVITED COAL BIDS FOR 5,700 & 4999 NCV COAL FOR AUGUST 2020 LOADING
COALspot.com: South Korea’s Korea Midland Power Co.,Ltd (KOMIPO) on behalf five (5) Korean Gencos has Issued an International Tender for tota ...
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- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- The University of Queensland
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
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