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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, 29 July 20
2019 U.S. COAL PRODUCTION FALLS TO ITS LOWEST LEVEL SINCE 1978 - EIA
In 2019, U.S. coal production totaled 706 million short tons (MMst), a 7% decrease from the 756 MMst mined in 2018. Last year’s production wa ...
Wednesday, 29 July 20
MARKET INSIGHT - INTERMODAL
The dry bulk sector is beginning to recover from reduced SnP activity recorded in the first quarter of 2020. The table below illustrates that appro ...
Tuesday, 28 July 20
DEUTSCHE BANK TO END GLOBAL BUSINESS ACTIVITIES IN COAL MINING BY 2025 - REUTERS
Deutsche Bank, in a revamp of its policies for fossil fuels, said on Monday that it would end business activities worldwide related to coal mining ...
Monday, 27 July 20
IEEFA ENERGY FINANCE CONFERENCE 2020: COAL, LNG, PETROCHEMICAL SECTORS FACE POOR OUTLOOK AND UPHILL BATTLE FOR INVESTORS
Fossil fuel industries were becoming less financially attractive even before the global coronavirus pandemic
Three major fossil fuel ...
Friday, 24 July 20
IPA: THERMAL COAL IMPORTS AT MAJOR PORTS DECLINE 35 PC TO 17.71 MT IN APR TO JUNE - ECONOMIC TIMES
These ports had handled 27.13 MT of thermal coal and 14.95 MT of coking coal in the April-June period of the previous financial year
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- Central Electricity Authority - India
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Australian Coal Association
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- The University of Queensland
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
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