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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, 14 December 20
PHILIPPINE BANK RCBC TO STOP LENDING FOR NEW COAL-FIRED POWER PROJECTS - MANILA BULLETIN
Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has forthrightly declared that it will no longer extend financing to new coal-fired power ...
Sunday, 13 December 20
LONGSTANDING DOWNSIDE RISKS TO TRADE OUTLOOK - BALTIC EXCHANGE
The OECD has attempted to put a positive spin on the trade message emanating from its latest economic outlook, released last week.
The ...
Sunday, 13 December 20
INDONESIA COAL OUTPUT AT 514 MILLION TONNES THIS YEAR, 2021 TARGET UNCHANGED - REUTERS
Indonesia coal output in the period to Dec. 10 stood at 514.2 million tonnes, official data from the energy ministry’s website showed.
&n ...
Thursday, 10 December 20
MALAYSIA'S CIMB ANNOUNCES COAL FINANCING PHASE-OUT BY 2040 AS ASIA'S FOSSIL FUEL DIVESTMENT DRIVE ACCELERATES - IEEFA
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced ...
Wednesday, 09 December 20
MARKET INSIGHT - INTERMODAL
Heading towards the end of a difficult year and with the entire planet under the shadow of the covid-19 virus, it is interesting to proceed with a ...
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- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- The University of Queensland
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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