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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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Friday, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
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- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- The University of Queensland
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
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