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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, 04 September 20
IN A DEEPENING DEBT HOLE OF $34 BILLION, INDONESIA’S PLN MUST STOP DIGGING - IEEFA
The utility has added IDR100 trillion in debt annually for the last five years
Utilities globally started changing the way they do business ye ...
Friday, 04 September 20
KOMIPO INVITED BIDS FOR AUSTRALIAN MIN 5,700 NCV COAL FOR NOVEMBER
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 260,000 MT Min.5,700 kcal/kg NCV coal November, 2020 loading. Acc ...
Thursday, 03 September 20
BRINGING SERVICES OF FTCCI CLOSER TO THE EXPORTERS AT GMR AIR CARGO COMPLEX AT SHAMSHABAD
Press Release: “FTCCI Trade Facilitation Services at your doorstep now” says J.S. Chandrashekar, IRS., Principal Commissioner of Custom ...
Thursday, 03 September 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Wednesday, 02 September 20
COAL PRODUCTION FALLS 7% IN APR-AUG; OFF TAKE DIPS 13.4% - FINANCIAL EXPRESS
In the month of August coal off take also increased 9.3% y-o-y to 44.34 MT as compared with 40.57 MT in the same period last year.
C ...
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- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- White Energy Company Limited
- Meralco Power Generation, Philippines
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Planning Commission, India
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
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