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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 $65 billion. However, Kuwait’s options are limited. The General Reserve Fund has been used aggressively in recent months. This has left its liquid assets in a vulnerable state and they could be further depleted within the current fiscal year, or by April 2021.
By Apostolos Rompopoulos
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Sunday, 30 August 20
PANAMAX - THIS WEEK THE DEMAND HAS PICKED UP, BUT THE TONNAGE LIST IS INCREASING DAY BY DAY - FEARNLEYS
Cape Size
More or less flat from previous week, with cape rates moving from US$ 19,500 to 18,900 on average. West Australia however being more ...
Saturday, 29 August 20
COAL INDIA'S FUEL SUPPLY TO POWER SECTOR DROPS ABOUT 20% IN APR-JUL: PTI
State-owned Coal India”s fuel supply to the power sector registered a decline of 19.5 per cent to 126.30 million tonnes (MT) in the April-Jul ...
Saturday, 29 August 20
SOUTH KOREAN BROKERAGE FIRM KOREA INVESTMENT & SECURITIES TO STOP ALL COAL BUSINESS - KOREA HERALD
South Korean brokerage firm Korea Investment & Securities has decided to stop its investments in coal, in line with the Moon Jae-in administrat ...
Thursday, 27 August 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 985,000 TONS OF BITUMINOUS COAL FOR NOVEMBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 985,000 ...
Thursday, 27 August 20
SOUTHEAST ASIAN NATIONS SET REGION-WIDE RENEWABLE ENERGY GOAL OF 23 PERCENT BY 2025 - ASEAN POST
The Association of Southeast Asian Nations (ASEAN) has set an ambitious target of securing 23 percent of its primary energy from renewable so ...
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- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- White Energy Company Limited
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Eastern Coal Council - USA
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
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