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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, 04 August 20
KOEN INVITED BIDS FOR TOTAL 900K MT OF MIN 5600 NCV COAL FOR 3 YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 260,000 to 300,000 Tons (MT) min. ...
Tuesday, 04 August 20
THE WORLD’S FLEET OF COAL-FIRED POWER STATIONS HAS GOT SMALLER FOR THE FIRST TIME ON RECORD, WITH MORE CAPACITY RETIRED IN THE FIRST HALF OF 2020 THAN THE AMOUNT OPENED - IEA
This is according to the latest Global Coal Plant Tracker (GCPT) results by Global Energy Monitor (GEM), which we completed last month and report f ...
Monday, 03 August 20
U.S. COAL CONSUMPTION, WHICH HAS DECLINED SINCE ITS 2007 PEAK, FELL TO ITS LOWEST POINT IN APRIL 2020 - EIA
According to the U.S. Energy Information Administration’s (EIA) most recent Monthly Energy Review, the United States consumed 6.5 quadrillion ...
Monday, 03 August 20
LOW OIL PRICE AND CORONA VIRUS HIT SUB-SAHARAN AFRICA OIL PRODUCERS - FITCH RATINGS
The collapse in oil prices and the coronavirus shock is worsening the fiscal and external balances of sub-Saharan African oil producers, Fitch Rati ...
Saturday, 01 August 20
SHIP SHAPE - OUCH: FIS
Thursday afternoon saw a report that US GDP in Q2 shrank by 32.9%. Now this may have beaten expectations, but it’s a bit like saying that you ...
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- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Planning Commission, India
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Australian Coal Association
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- The University of Queensland
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
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