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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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Wednesday, 03 February 21
INDONESIA TO EXPORT 395 MILLION TONS OF COAL IN 2021 - ESDM
Data from the Ministry of Energy and Mineral Resources shows that, Indonesia is planning to produce 550 million Ton of coal in 2021 and as of t ...
Wednesday, 03 February 21
MARKET INSIGHT - INTERMODAL
"2020 the year from hell for the entire world, had everything for shipowners. The introduction of the sulphur cap and VLSFO, a Pandemic outbre ...
Tuesday, 02 February 21
WILL THE ELECTRONIC B/L BE FULLY IMPLEMENTED? FIVE POINTS TO CONSIDER - MOL
KNOWLEDGE TO ELEVATE
The trend towards digitization of Bills of Lading (B/L) has begun to attract attention in the trade and shipping industrie ...
Monday, 01 February 21
A 56,000-DWT OPEN MANILA WAS FIXED FOR A TRIP VIA INDONESIA REDELIVERY CHINA AT $11,500 - THE BALTIC BRIEFING
Capesize
The Capesize routes endured a week of slippage on rates, bringing the market back down to levels seen at the beginning of the month. D ...
Monday, 01 February 21
PAKISTAN: COAL DEMAND EXPECTED TO SPIKE IN 2021 - DAWN
Coal demand is expected to remain upbeat in 2021 as more coal-fired and captive power plants are coming up in the current year.
Acco ...
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- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Australian Coal Association
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- PTC India Limited - India
- Romanian Commodities Exchange
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