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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, 29 March 21
MOODY'S: OUTLOOK FOR GLOBAL METALS AND MINING INDUSTRY TURNS POSITIVE ON HIGHER EBITDA IN PANDEMIC'S WAKE
- Demand for steel, iron ore and copper will rise, while aluminum, nickel and zinc will remain in surplus
- EBITDA is expected to ...
Thursday, 25 March 21
'OMNIBUS LAW' REGULATION ON INDONESIA’S ENERGY AND MINING SECTORS TO BOOST COAL PROCESSING BUT ALSO RAISES QUESTIONS - ABNR
February 2021 saw the issuance of a raft of new government regulations to give effect to the reformist Job Creation Law (colloquially known as the ...
Thursday, 25 March 21
PROPOSED SWITCH FROM COAL TO LNG THREATENS RENEWABLE ENERGY DEVELOPMENT IN ASIA - IEEFA
Renewables offer an ever cheaper, financially sustainable and energy secure alternative, better able to support developing nations
A ...
Thursday, 25 March 21
MAJOR INVESTMENT ADVISORS BLACKROCK AND MEKETA PROVIDE A FIDUCIARY PATH THROUGH THE ENERGY TRANSITION - IEEFA
BlackRock and Meketa say divestment from fossil fuels improves, not weakens, investment returns
Two major financial management firms ...
Thursday, 25 March 21
EUROPE PASSES MILESTONE WITH HALF OF COAL PLANTS CLOSED OR SET TO RETIRE BY 2030 - EURACTIV
Half of Europe’s 324 coal-fueled power plants have either closed or announced a retirement date before 2030, it emerged on Monday (22 March) ...
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- Heidelberg Cement - Germany
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
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