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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 $65 billion. However, Kuwait’s options are limited. The General Reserve Fund has been used aggressively in recent months. This has left its liquid assets in a vulnerable state and they could be further depleted within the current fiscal year, or by April 2021.
By Apostolos Rompopoulos
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 08 March 21
MARCH 2021 INDONESIA COAL PRICE REFERENCE SETTLES LOWER
COALspot.com: The Indonesia coal price reference for March 2021 settles at US$ 84.49 per ton FOB vessel.
The Indonesia coal pr ...
Saturday, 06 March 21
AUSTRALIAN COAL: SOME WEAKNESS COULD MATERIALIZE AFTER THE WINTER - ING
Newcastle coal prices remain well supported for now, however as we move out of the winter months we would expect prices to come under pressure. Mea ...
Saturday, 06 March 21
ASIA SEABORNE COAL PRICES START TO RETREAT, CHINA-AUSTRALIA DISPUTE LINGERS - REUTERS
There are signs that the price and demand surge for coal during the recent colder-than-expected winter across North Asia is starting to ease, even ...
Thursday, 04 March 21
HEAD OF JBIC SAYS THE JAPANESE BANK WILL NOT FUND NEW COAL PLANT DEVELOPMENT - NHK NEWS
The governor of the Japan Bank for International Cooperation has said that the government-owned financial institution will stop funding new coal-fi ...
Wednesday, 03 March 21
MARKET INSIGHT - INTERMODAL
Following the recent rally to multi year highs of metal-based commodities, amid an unprecedented global economic stimulus, discussions of an emergi ...
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- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Australian Coal Association
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- The University of Queensland
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
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