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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, 13 January 21
CHINA THERMAL GENCO PROFITS FACE PRESSURE AMID POWER SHORTAGES - FITHCH WIRE
High coal and gas prices will put near-term pressure on margins for thermal power generators in China, says Fitch Ratings. However, the power short ...
Wednesday, 13 January 21
COAL TO BE BIGGEST CONTRIBUTOR TO INDIA'S $5 TRILLION ECONOMY: AMIT SHAH - BUSINESS STANDARD
The Centre on Monday awarded the letter of allocation to successful bidders of coal mines under the commercial auction held during October-November ...
Monday, 11 January 21
MUTED COAL RECOVERY IN 2021 - BALTIC EXCHANGE
Coal demand is expected to rebound in 2021
Medium-term outlook is less favourable although demand declines are expected to be subtle ...
Sunday, 10 January 21
KOREAN GENCOS INVITED BIDS FOR TOTAL 880,000 TONS OF COAL FOR MARCH 2021 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), on behalf of EWP, KOSPO, KOSEP and KOWEPO issued an international tender for total 880 ...
Friday, 08 January 21
INDIA COULD COMPETE AGAINST CHINA IN SOLAR MODULE PRODUCTION WITH THE RIGHT GOVERNMENT SUPPORT - IEEFA
The focus should be on helping manufacturers become globally competitive
Although one of the top 10 solar module producers in the world, India ...
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- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Sical Logistics Limited - India
- MS Steel International - UAE
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
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