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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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Saturday, 27 February 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES DOWN - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Saturday, 27 February 21
FITCH RATINGS REVISES GLOBAL METALS AND MINING PRICE ASSUMPTIONS
Fitch Ratings has revised some of its metals and mining price assumptions as prices for many commodities will benefit in the short term from return ...
Saturday, 27 February 21
MITSUBISHI PULLS OUT OF VINH TAN 3 COAL PROJECT IN VIETNAM - NIKKEI ASIA
Japanese trading house Mitsubishi Corp. decided Thursday to withdraw from the Vinh Tan 3 coal-fired power plant project in Vietnam amid growing int ...
Thursday, 25 February 21
ARE WE ON THE CUSP OF ANOTHER MINING SUPER-CYCLE? - WOOD MACKENZIE
As the first wave of the coronavirus pandemic began to bite, many observers confidently predicted that the end was nigh for global economic activit ...
Thursday, 25 February 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR SEABORNE COAL TRADE - BANCHERO COSTA
Total loadings in the 12 months of 2020 were down -12.7% year-on-year to 1,130 million tonnes, according to vessels tracking data from Refinitiv, s ...
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- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- MS Steel International - UAE
- Planning Commission, India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Minerals Council of Australia
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Parliament of New Zealand
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
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