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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, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
Friday, 15 January 21
OVER US$50 BILLION IN GAS POWER PROJECTS AND LNG IMPORT FACILITIES AT RISK OF CANCELLATION IN BANGLADESH, PAKISTAN AND VIETNAM - IEEFA
Pakistan and Bangladesh have already cancelled tenders for LNG imports
Emerging markets such as Vietnam, Pakistan and Bangladesh tha ...
Friday, 15 January 21
VIETNAM'S EXTRAORDINARY ROOFTOP SOLAR SUCCESS DEALS ANOTHER BLOW TO THE REMAINING COAL PIPELINE - IEEFA
9.3 gigawatts peak of solar capacity, equal to 6 coal power plants, installed in less than a year
Vietnam’s solar power indust ...
Friday, 15 January 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 14 January 21
KOREA MIDLAND POWER INVITED BIDS FOR AUSTRALIAN COAL FOR THREE YEARS SUPPLY
COALspot.com: Korea Midland Power Co. Ltd, issued an International tender for total 1,560,000 MT of Min.5,700 kcal/kg NCV coal of Australian Origin ...
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- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- The University of Queensland
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Australian Coal Association
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Planning Commission, India
- Marubeni Corporation - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
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