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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, 04 August 20
KOEN INVITED BIDS FOR TOTAL 900K MT OF MIN 5600 NCV COAL FOR 3 YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 260,000 to 300,000 Tons (MT) min. ...
Tuesday, 04 August 20
THE WORLD’S FLEET OF COAL-FIRED POWER STATIONS HAS GOT SMALLER FOR THE FIRST TIME ON RECORD, WITH MORE CAPACITY RETIRED IN THE FIRST HALF OF 2020 THAN THE AMOUNT OPENED - IEA
This is according to the latest Global Coal Plant Tracker (GCPT) results by Global Energy Monitor (GEM), which we completed last month and report f ...
Monday, 03 August 20
U.S. COAL CONSUMPTION, WHICH HAS DECLINED SINCE ITS 2007 PEAK, FELL TO ITS LOWEST POINT IN APRIL 2020 - EIA
According to the U.S. Energy Information Administration’s (EIA) most recent Monthly Energy Review, the United States consumed 6.5 quadrillion ...
Monday, 03 August 20
LOW OIL PRICE AND CORONA VIRUS HIT SUB-SAHARAN AFRICA OIL PRODUCERS - FITCH RATINGS
The collapse in oil prices and the coronavirus shock is worsening the fiscal and external balances of sub-Saharan African oil producers, Fitch Rati ...
Saturday, 01 August 20
SHIP SHAPE - OUCH: FIS
Thursday afternoon saw a report that US GDP in Q2 shrank by 32.9%. Now this may have beaten expectations, but it’s a bit like saying that you ...
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- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Planning Commission, India
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Australian Coal Association
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
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