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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, 02 December 20
INDONESIA CONSIDERING CLOSING 3,400MW SURALAYA COAL PLANT - THE JAKARTA POST
The government is considering to shut down the aging Suralaya coal-fired power plant (PLTU) in Cilegon, Banten, and replace it with green energy, a ...
Wednesday, 02 December 20
MARKET INSIGHT - INTERMODAL
It has been another busy week in the dry bulk secondhand market; a healthy number of sales reported predominantly from Japanese owners while owner& ...
Thursday, 26 November 20
DECLINE IN COAL EXPORTS ADDS TO NAVAJO-OWNED COMPANY'S PROBLEMS - IEEFA U.S.
Weak demand and low prices are likely creating steep losses for NTEC
U.S. coal exports to Asia—once heralded as the saving gra ...
Thursday, 26 November 20
COAL FINANCING QUICKLY DRYING UP WORLDWIDE - ANALYSTS : REUTERS
Financing for coal projects is drying up at ever increasing rates as more countries target zero carbon emissions amid an energy transition sweeping ...
Wednesday, 25 November 20
LIBOR REPLACEMENT AND SHIP FINANCE - WHERE IS IT HEADING? - WFW
The likely replacement of the LIBOR at the end of 2021 creates difficult technical and practical issues for all sectors of business and finance. Th ...
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- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
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