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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, 25 April 20
KOREA SOUTH-EAST POWER CO. INVITED BIDS FOR 780K - 900K MT OF 5600 NCV COAL FOR JULY TO OCTOBER 2020 LOADING
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 780,000~900,000 Metric Tons (MT) s ...
Saturday, 25 April 20
SEAFARER MENTAL WELLBEING DURING THE COVID-19 PANDEMIC - STANDARD CLUB
KNOWLEDGE TO ELEVATE
COVID-19 has forced many parts of the world to enforce a lockdown in a bid to flatten the curve in terms of transmissions ...
Friday, 24 April 20
KOMIPO INVITED BIDS FOR 5700 NAR COAL FOR JUNE & JULY LOADING
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) Has Issued An International Tender For 260,000 Metric Tons (MT) Steam Coal ...
Friday, 24 April 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 ...
Friday, 24 April 20
COAL INDIA TO PRODUCE 710 MT COAL - MINISTER OF COAL AND MINES
Coal India Limited (CIL) will produce 710 million tonnes (MT) of coal and company’s coal off take target will also remain at710 MT for this f ...
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- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- The University of Queensland
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
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