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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, 09 September 20
MARKET INSIGHT - INTERMODAL
The uneventful summer lull which is coming to an end soon has left its stigma on the newbuilding market, which has already been devastated by the g ...
Saturday, 05 September 20
INDIA WON'T KICK ITS COAL HABIT SO EASILY - HINDU BUSINESS LINE
India has traditionally considered itself lucky to have been endowed with abundant coal reserves, which it has sought to use to meet its energy nee ...
Saturday, 05 September 20
FINANCING COMPLETE FOR 900MW FIFTH PHASE OF MASSIVE DUBAI SOLAR PARK: ARABIAN BUSINESS
Saudi-based ACWA Power on Thursday announced it has completed the signing of all financing agreements for the fifth phase of the Mohammed bin Rashi ...
Saturday, 05 September 20
POLISH COAL DEMAND EXPECTED TO FALL BY 7 MLN TONNES NEXT YEAR: MINISTER - REUTERS
Poland’s demand for coal is expected to fall by around 7 million tonnes next year, or more than 10% of annual hard coal production, after a d ...
Saturday, 05 September 20
PAKISTAN'S NEW 27-YEAR POWER PLAN RISKS LOCKING IN LONG-TERM OVERCAPACITY, LEAVING IMPORTED COAL AND LNG PLANTS STRANDED - IEEFA
Wind and solar, the country’s cheapest source of new generation, also overlooked
Pakistan risks locking itself into building m ...
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- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Commonwealth Bank - Australia
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