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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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Friday, 06 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 05 November 20
THE INDONESIA COAL PRICE REFERENCE RISES FOR SECOND CONSECUTIVE MONTH
COALspot.com: The Indonesia Coal Price Reference rose for a 2nd month by 9.24% month on month. The Indonesia Coal Price Reference for the month of ...
Wednesday, 04 November 20
PHILIPPINES COAL MORATORIUM HIGHLIGHTS DRAMATIC PIVOT TO RENEWABLE ENERGY INVESTMENT FOR LOWER PRICES AND POWER SYSTEM RESILIENCE - IEEFA
Policymakers and industry leaders ready to embrace new energy technologies
The Department of Energy’s call for a moratorium on ...
Wednesday, 04 November 20
FOREIGN INVESTORS FACE TOUGH TIMES CLOSING VIETNAM’S REMAINING COAL POWER DEALS - IEEFA
Project bankability at risk as new regulations threaten usual contractual terms
Foreign investors will face higher-than-usual risks ...
Wednesday, 04 November 20
MARKET INSIGHT - INTERMODAL
As the end of the year approaches, one would definitely notice that the newbuilding orderbook for bulk carriers is significantly smaller compared t ...
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- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Australian Coal Association
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
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