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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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Thursday, 07 January 21
FITCH FORECASTS DOUBLING IN ASIAN WIND, SOLAR CAPACITY BY 2029, TOPPING 1,500GW
Despite some near-term delays due to the Covid-19 pandemic, solar power and offshore wind will drive steep growth in non-hydro renewables in Asia, ...
Wednesday, 06 January 21
INDONESIA EXCEEDS COAL PRODUCTION TARGET IN 2020
Indonesian coal production reached 557.54 Million Tons in 2020 1.37% higher than of last year’s total target of 550.00 Million Tons, accordin ...
Wednesday, 06 January 21
CHINESE CITIES REPORTEDLY GO DARK AS COUNTRY FACES SHORTAGE OF COAL, A MAJOR AUSTRALIAN EXPORT - CNBC
Several major Chinese cities have reportedly gone dark as authorities limit power usage, citing a shortage of coal.
Analysts said pr ...
Tuesday, 05 January 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP - XINHUA
China Taiyuan coal transaction price index stood at 136 points Monday, up 0.91 percent week on week.
The index, released by China Ta ...
Tuesday, 05 January 21
THE INDONESIA COAL PRICE REFERENCE SOARS TO HIGHEST ONE-MONTH INCREASE SINCE DECEMBER 2016
COALspot.com: The Indonesia coal price reference for January 2021 settles above $75 for the first time since July 2019 and to highest one-month inc ...
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- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Planning Commission, India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Australian Coal Association
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- White Energy Company Limited
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
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