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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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Tuesday, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
Utility’s latest planning report locks PLN into the past
PLN would be better served restructuring its business to address the current en ...
Monday, 26 October 20
'LONG ASCENT' TO RECOVERY OF GLOBAL GROWTH - BALTIC EXCHANGE
The global economy has so far avoided a “financial catastrophe” but growth projections from the International Monetary Fund’s lat ...
Friday, 23 October 20
SHIPPING LOANS AND COLLATERAL DAMAGE - VICTOR ONYEGBADO, AKABOGU & ASSOCIATES
KNOWLEDGE TO ELEVATE
Shipping finance transactions are characterised by peculiar risk factors principally on account of the shipping asset&rsq ...
Friday, 23 October 20
WHAT WILL THE 2020 ELECTIONS MEAN FOR US ENERGY? - WOOD MACKENZIE
The 2020 elections present American voters with a choice between two radically different visions for the future of energy. President Donald Trump r ...
Wednesday, 21 October 20
BRAZIL EXPORTED 238.7 MLN TONNES OF IRON ORE IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
Brazil’s iron ore exports have been gradually but steadily recovering following a disastrous winter period of 2019/2020. In the first 9 month ...
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- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- PTC India Limited - India
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- CNBM International Corporation - China
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