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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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Monday, 04 January 21
U.S. RENEWABLE ENERGY CONSUMPTION SURPASSES COAL FOR THE FIRST TIME IN OVER 130 YEARS - EIA
In 2019, U.S. annual energy consumption from renewable sources exceeded coal consumption for the first time since before 1885, according to the U.S ...
Monday, 04 January 21
BLISS FOR SHIPOWNERS! DAMAGES MAY BE CLAIMED IN ADDITION TO DEMURRAGE FOR VOYAGE CHARTERPARTY DELAY - WFW
KNOWLEDGE TO ELEVATE
In a significant decision for the maritime sector, The Eternal Bliss[1], the English Commercial Court has resol ...
Sunday, 03 January 21
INDIA: COMMERCE MINISTRY LAUNCHES COAL IMPORT MONITORING SYSTEM - PTI
CIMS shall require importers to submit advance information in an online system for imports of items and obtain an automatic registration number by ...
Wednesday, 30 December 20
A LOOK BACK INTO 2020: THE HEADWINDS, THE TAILWINDS AND EVERYTHING IN BETWEEN - SIGNAL
There is no doubt that 2020 has been a turbulent year for commercial shipping. The coronavirus pandemic has shaken the global maritime transport. T ...
Tuesday, 29 December 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.66 PCT - XINHUA
China Taiyuan coal transaction price index stood at 134.78 points Monday, up 0.66 percent week on week.
The index, released by China ...
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- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- The University of Queensland
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Planning Commission, India
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Economic Council, Georgia
- Parliament of New Zealand
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
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