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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, 02 November 20
PHILIPPINES GOVERNMENT SAYS NO TO NEW COAL PLANT PROPOSALS - IEEFA | 24 PILIPINAS
The Duterte administration will no longer accept proposals to construct new coal power plants, a dramatic shift in energy policy that counts on dec ...
Sunday, 01 November 20
GRADUAL RECOVERY FOR INDONESIAN COAL FROM 4Q20; RISKS REMAIN - FITCH RATINGS
Fitch Ratings expects the credit metrics of Indonesian coal miners and coal contractors to improve from 4Q20 with the recovery in volumes and price ...
Wednesday, 28 October 20
BIODIESEL - NEW FUELS, NEW CHALLENGES - GARD | DNV GL
KNOWLEDGE TO ELEVATE
One of numerous possible ways to comply with the IMO’s strategy on the reduction of greenhouse gas (GHG) emissions ...
Wednesday, 28 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.94 points Monday, up 0.35 percent week on week.
The index, released by China ...
Wednesday, 28 October 20
MARKET INSIGHT - INTERMODAL
The global strive towards eco-friendliness and environmental sustainability in the shipping industry is mounting. There are currently almost 200 co ...
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- GMR Energy Limited - India
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- VISA Power Limited - India
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Planning Commission, India
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