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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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Friday, 21 August 20
BHP COMMITS TO SELLING ITS THERMAL COALMINES WITHIN TWO YEARS - THE GUARDIAN
Move follows pressure from investors but company stops short of full exit from coalmining
BHP has announced it plans to sell off its ...
Thursday, 20 August 20
MINER BHP CONFIRMS PLANS TO EXIT THERMAL COAL SECTOR - THE SYDNEY MORNING HERALD
The head of mining giant BHP has laid out plans for a reshaping of its global operations by seeking to quit thermal coal mining, offload some cokin ...
Thursday, 20 August 20
LONDON RETAINS ARBITER CROWN - BALTIC EXCHANGE | HFW
Fears that the UK’s decision to leave the European Union would dent the reputation of the nation’s capital as the leader in maritime ar ...
Wednesday, 19 August 20
U.S. COAL STOCKPILES STEADILY INCREASE AFTER REACHING LOWEST LEVEL IN A DECADE IN 2019 - EIA
After reaching their lowest level in more than a decade in March 2019, U.S. coal stockpiles steadily increased to 152 million tons in April 2020, r ...
Wednesday, 19 August 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.26 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.92 points Monday, down 0.26 percent week on week.
The index, released by Chi ...
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- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Economic Council, Georgia
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
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