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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, 07 August 20
PEABODY'S $1.42 BILLION WRITE-DOWN CONCEDES COAL MINES HAVE LITTLE VALUE AND DIM FUTURE - IEEFA
Trouble at biggest mine in Powder River Basin speaks volumes about state of industry
Peabody Energy, the world’s largest priva ...
Thursday, 06 August 20
SUPRAMAX MARKET CONTINUED SIDEWAYS TREND, AND LITTLE INSPIRING NEWS APPEAR - FEARNLEYS
Capesize
There is presently a small correction in rates, but overall levels are up from previous week mainly due to increased demand in the Eas ...
Thursday, 06 August 20
KOREA SOUTH-EAST POWER INVITING BIDS FOR MIN 3,600-MAX 3,800 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) inviting bids for 80,000 Tons (MT) Min 3,600~Max 3,800 kcal/kg NCV coal f ...
Wednesday, 05 August 20
NO NEW MINING LICENSES - A REMINDER TO GOVERNORS IN INDONESIA - SSEK
Indonesia’s acting Director General of Mining and Coal (“DGMC”) has issued a letter to the country’s provincial Governors t ...
Wednesday, 05 August 20
AUGUST 2020 HBA HITTING ITS LOWEST LEVELS IN HISTORY
COALspot.com: The Indonesia Coal Price Reference for the month of August plunged 30.73% YoY, hitting its lowest levels in history and highlighting ...
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- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- The University of Queensland
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
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