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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, 17 June 20
KOREA SOUTHERN POWER CO INVITED 80000 MT OF LOW CALORIFIC VALUE COAL FOR AUGUST 1H, 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) Min 4,200 kcal/kg - Max. ...
Tuesday, 16 June 20
A GLOBAL ECONOMIC SLUMP: WHAT WILL IT MEAN FOR METALS AND MINING? - WOOD MACKENZIE
Back before coronavirus knocked “normal” out cold, the key issues for miners were sub-investment prices, rising requirements for ESG an ...
Tuesday, 16 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.58 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.43 points Monday, up 0.58 percent week on week.
The index, released by China ...
Tuesday, 16 June 20
HIGHER IRON ORE PRICES OFFSET CORONAVIRUS-DRIVEN PRODUCTION RISK - FITCH RATINGS
Lower iron ore production in Brazil, resulting from rising coronavirus infections, should only marginally affect the cash flow of Vale and other gl ...
Tuesday, 16 June 20
SHALE SHOCKED - WOOD MACKENZIE
Capturing shut-ins in real time
Oil markets are searching for balance as the world reflects on the impact of the COVID-19 pandemic. ...
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- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Australian Coal Association
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Planning Commission, India
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
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