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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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Thursday, 23 July 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 1.36 MILLION TONS OF BITUMINOUS COAL FOR OCTOBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 1,360,00 ...
Wednesday, 22 July 20
CIL'S COAL SUPPLY TO POWER SECTOR DROPS OVER 21% TO 93.5 MT IN APR-JUN QUARTER - PTI
The supply of coal by state-owned Coal India Ltd to the power sector fell 21.7 percent to 93.5 million tonnes (MT) in the first quarter of the ongo ...
Monday, 20 July 20
KOREA MIDLAND POWER INVITED BIDS FOR TOTAL 2.520 MILLION MT OF BITUMINOUS COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO), has issued an international tender for total 840,000 of Bituminous Coal to be used at Bo ...
Monday, 20 July 20
CHINA'S JUNE COAL OUTPUT FALLS 1.2% YEAR-ON-YEAR OVER ILLEGAL MINING CHECKS - REUTERS
China’s coal output dropped 1.2% in June on the year to 330 million tonnes, official data showed, as major coal mining areas cracked down on ...
Monday, 20 July 20
COAL INDIA LAUNCHES SPECIAL CATEGORY OF E-AUCTION FOR COAL IMPORTERS - BUSINESS STANDARD
Coal India (CIL) on Friday launched a special category of e-auction for importers of coal. This is in line with the government’s declaration ...
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- The University of Queensland
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- London Commodity Brokers - England
- CNBM International Corporation - China
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
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