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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, 12 May 20
CAN INDONESIA'S COAL INDUSTRY SURVIVE COVID-19? : IEEFA
Pandemic Lockdown and Slumping Prices Put Extreme Pressure on Coal Miners
Executive Summary
While attention has been focused on th ...
Tuesday, 12 May 20
INDIA'S COAL PRODUCTION TO CLOCK RECORD 700 MILLION TONNES IN FY21: COAL SECRETARY - PTI
Coal Secretary Anil Jain said FY20 coal production was lower than the target of 660 million tonnes because of flooding of a key coal mine.
&nbs ...
Monday, 11 May 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Monday, 11 May 20
CORONAVIRUS PUTS MORE THAN A THIRD OF SEABORNE COAL SUPPLY AT RISK - WOOD MACKENZIE
The full impact of the coronavirus outbreak on the global economy is yet unclear. However, the demand destruction is already becoming evident, with ...
Saturday, 09 May 20
ANGLO AMERICAN CONSIDERS SPINNING OFF SOUTH AFRICAN COAL OPERATIONS - REUTERS
Diversified miner Anglo American said on Thursday it prefers unbundling and listing its thermal coal operations in South Africa on the Johannesburg ...
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- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- PTC India Limited - India
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- White Energy Company Limited
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
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