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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, 21 October 20
INDIA: THE COMMERCIALISATION OF COAL BLOCKS WILL BENEFIT THE ECONOMY - HINDU BUSINESS LINE
As the government of India receives 76 bids for 23 coal mines against the 38 up on auction, what does this commercialisation of coal block allocati ...
Wednesday, 21 October 20
MARKET INSIGHT - INTERMODAL
The second wave of COVID-19 is now a reality; offices are closing again, and stricter rules and regulations are being implemented in public spaces. ...
Tuesday, 20 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.82 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.49 points Monday, up 0.82 percent week on week.
The index, released by China ...
Tuesday, 20 October 20
BIMCO 'SHIPLEASE' TERM SHEET - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The ever-growing importance of sale and leaseback transactions as an alternative to financing ships by way of loan, makes ...
Friday, 16 October 20
KOMIPO ON BEHALF OF K GENCO'S INVITED BIDS FOR TOTAL 715,000 MT MIN. 5,700 NAR COAL FOR DECEMBER
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 715,000& ...
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- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Economic Council, Georgia
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- PTC India Limited - India
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Planning Commission, India
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
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