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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, 18 August 20
BLACKBALLED: WILL COAL BOUNCE BACK FROM SLUMP OR IS IT TERMINAL? - SYDNEY MORNING HERALD
Even by the standards of this miserable year, 2020 has been a shocker for the global coal industry.
As the lockdown kicked in demand ...
Friday, 14 August 20
EIA: COAL PLANTS UNECONOMICAL IN MOST REGIONS - IEEFA
U.S. coal power generation plunged by 30 percent in the first half of 2020 off an already-depressed base, shoved out by natural gas and renewables ...
Thursday, 13 August 20
INDIA SHOULD RECORD A SLIGHT DECREASE IN THERMAL COAL IMPORTS, REACHING A VOLUME OF 167 MILLION TONS BY THE END OF 2020 - ASSOCARBONI
Regarding 2020 thermal coal imports forecasts, Vietnam’s coal imports showed a very strong growth in the first half of 2020 and it is believe ...
Thursday, 13 August 20
INDONESIA REMAINS THE LARGEST EXPORTER OF COAL IN THE WORLD - ASSOCARBONI
According to the last Assocarboni data for 2019, Indonesia remains the largest exporter in the world. Thermal coal exports have in fact reached 456 ...
Wednesday, 12 August 20
VIETNAM WAS THE PROTAGONIST OF A SIGNIFICANT INCREASE IN COAL IMPORTS IN 2019 - ASSOCARBONI
The latest Assocarboni data for 2019 also provide a detailed picture on the trend of the global coal import.
According to Assocarbon ...
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- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- White Energy Company Limited
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
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