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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, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
Thursday, 21 January 21
LNG MARKET RIDING HIGH, BUT WILL THE GAINS CONTINUE? - DREWRY
The LNG market started 2021 on a high note with Asian spot prices crossing $30 per MMBtu while LNG shipping rates recorded a high $350k per day due ...
Thursday, 21 January 21
CHINA'S SPOT THERMAL COAL PRICES REFRESH RECORD HIGH - MYSTEEL
Despite the moderate rebound in temperatures across most regions of China after late December’s deep-freeze, thermal coal prices in the count ...
Wednesday, 20 January 21
CORONAVIRUS OUTBREAK IN HEBEI HAS LIMITED IMPACT ON CHINA'S STEEL INDUSTRY - FITCH RATINGS
The recent Covid-19 outbreak in the steel producing hub Hebei will not have material impact on China’s steel industry, Fitch Ratings says.
...
Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even s ...
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- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- PTC India Limited - India
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
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