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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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Saturday, 06 June 20
KOREA SOUTH-EAST POWER CO INVITED COAL BIDS FOR MIN 5600 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 270,000 Tons (MT) min. 5600 NCV co ...
Friday, 05 June 20
COAL INDIA ESTIMATES PRODUCTION GROWTH BY OVERBURDEN REMOVAL - FINANCIAL EXPRESS
PSU miner Coal India (CIL) has now limited mining only to Overburden Removal (OBR) with falling demand of coal. The mining behemoth is now keeping ...
Friday, 05 June 20
U.S. SANCTIONS COMPLIANCE GUIDANCE RELEASED FOR THE GLOBAL MARITIME, ENERGY AND METALS SECTORS - AKIN GUMP
Key Points
On May 14, 2020, OFAC, the Department of State and the U.S. Coast Guard jointly released guidance for persons involved in the ma ...
Friday, 05 June 20
IN THE FIRST 5 MONTHS OF 2020 AUSTRALIA SHIPPED 6.8 MLN TONNES TO VIETNAM - BANCHERO COSTA
In the first 5 months of 2020, global seaborne coal trade declined by as much as -8% year-on-year, according to vessel tracking data from Ref ...
Thursday, 04 June 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- White Energy Company Limited
- Economic Council, Georgia
- Australian Coal Association
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Planning Commission, India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
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