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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, 18 May 20
THERMAL COAL SPOT PRICE TUMBLES 25 PER CENT, PUTTING PRESSURE ON SOME PRODUCERS - ABC RURAL
The spot price for thermal coal has fallen 25 per cent per cent in the past month with one leading analyst saying it is because of a reduction in d ...
Monday, 18 May 20
CHINA'S COAL OUTPUT UP 1.3 PCT IN JANUARY-APRIL: XINHUA
Output of raw coal in China rose 1.3 percent year on year to 1.15 billion tonnes in the first four months this year, official data showed.
&nbs ...
Sunday, 17 May 20
A 55,000 OPEN ILIGAN FIXING AT $6,500 VIA INDONESIA REDELIVERY INDIA - BALTIC BRIEFING
Capesize
A precipitous fall in the market this week had the Capesize 5TC shedding over 50 per cent in value. A small rebound at the end of the ...
Friday, 15 May 20
CHINA'S COAL CONSUMPTION TO FALL Y/Y IN SECOND QUARTER, IMPROVEMENT EXPECTED IN SECOND HALF - INDUSTRY BODY: REUTERS
China’s coal consumption is expected to decline in the second quarter from a year earlier, but will see an improvement in the second half of ...
Thursday, 14 May 20
OPEC REVISES DOWN GLOBAL OIL DEMAND FORECAST AGAIN
Crude Oil Price Movements
Crude oil prices recorded a second sharp monthly drop in April, amid an increasing oil surplus in the spot market. Th ...
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- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Planning Commission, India
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- PTC India Limited - India
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
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