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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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Friday, 17 April 20
OPEC BRACES FOR OIL MARKET'S "HISTORIC SHOCK"
OPEC released its much anticipated April monthly report.
Crude Oil Price Movements
Crude oil prices collapsed in March 2020, rec ...
Friday, 17 April 20
SAUDI ARABIA'S MAY 2020 OSPS FOR CRUDE EXPORTS BODE WELL FOR ASIAN REFINERS - WOOD MACKENZIE
On 13 April, Saudi Arabia announced the Official Selling Prices (OSPs) for its May crude oil exports. The new OSPs speak volumes about Saudi Arabia ...
Friday, 17 April 20
SEABORNE COAL PRICES UNDER PRESSURE AS DEMAND SOFTENS IN CHINA, INDIA - CLYDE RUSSELL
Worrying signs are emerging for coal exporters to the world’s biggest markets in Asia, as top buyers China and India move to favour domestic ...
Thursday, 16 April 20
THERMAL POWER SECTOR FACES BLEAK SCENARIO POST-COVID SITUATION - THE HINDU BUSINESS LINE
The centre should take a fresh look at coal-energy value chain as the sector tops the chart on loan defaults.
Covid-19 may have serv ...
Thursday, 16 April 20
CHINA'S BENCHMARK POWER COAL PRICE FALLS 5 YUAN PER TONNE - XINHUA
China’s benchmark power coal price fell by 5 yuan (about 70 U.S. cents) per tonne during the past week.
The Bohai-Rim Steam-Co ...
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- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Posco Energy - South Korea
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Minerals Council of Australia
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Parliament of New Zealand
- The University of Queensland
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Planning Commission, India
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
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