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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- The University of Queensland
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Deloitte Consulting - India
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
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