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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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Wednesday, 19 August 20
COAL INDIA TRADE UNIONS DEFER DAY-LONG STRIKE: PTI
The unions had decided to go on strike against the commercial mining and the proposed divestment or buyback of shares of Coal India Ltd (CIL).
...
Wednesday, 19 August 20
MISC MARKS ITS MAIDEN FORAY INTO MAJOR DEEP-WATER PROJECT IN LATIN AMERICA WITH MERO 3 FPSO
MISC Berhad (MISC) is pleased to announce its acceptance of Letter of Intent (LOI) from Petróleo Brasileiro S.A. (Petrobras) for the provisi ...
Wednesday, 19 August 20
MARKET INSIGHT - GEORGE LAIOS | INTERMODAL
Since the Covid-19 outbreak, governments and central banks around the globe have been using their ammunition and stimulus packages to keep their ec ...
Wednesday, 19 August 20
INDIA SAW A SHARP DECLINE IN ENERGY COAL IMPORTS IN JANUARY - JUNE 2020; –27 PER CENT YOY - BHP
Energy coal prices were weak in the second half of financial year 2020, BHP says in its Economic and Commodity Outlook FY20.
Accordi ...
Wednesday, 19 August 20
COAL PRICES TO REMAIN SUBDUED THIS FISCAL AMID WEAK DEMAND, HIGH INVENTORY - THE HINDU BUSINESS LINE
Coal offtake is improving gradually as lockdown eases
Coal prices are expected to remain subdued to weak demand and high inventory l ...
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- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- White Energy Company Limited
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
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