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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, 12 August 20
THE COAL MARKET IN ITALY - ASSOCARBONI
Italy, which in 2019 reported a decrease in thermal coal imports, with a volume of 7,5 million tons (-32% compared to 11 million tons in 2018), whi ...
Wednesday, 12 August 20
U.S. COAL PRODUCTION IN 2020 WILL DECREASE BY 29% FROM 2019 LEVELS TO 502 MMST - EIA
U.S. coal consumption, which dropped to its lowest point since April, totaled 95 MMst in the second quarter of 2020.
EIA expec ...
Tuesday, 11 August 20
BHP COAL ASSETS WORTH A BILLION LESS THAN JUST TWO YEARS AGO - IEEFA
Another global investor, the UK’s biggest public pension fund NEST, has withdrawn funds from BHP this week because the company is profiting & ...
Monday, 10 August 20
COAL IMPORT DROPS 43% IN JULY OWING TO HIGH STOCKPILE AT PITHEADS, PLANTS - PTI
“The market participants seem to have adopted a wait and watch approach and are currently looking for a direction. We do not expect to see an ...
Saturday, 08 August 20
GLOBAL COAL POWER PUZZLE - BALTIC EXCHANGE
Global Energy Monitor’s latest Global Coal Plant Tracker has put another nail in the coffin for the coal-carrying fleet with its finding that ...
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- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- The University of Queensland
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
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