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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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- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
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