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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, 31 March 20
COAL POWER REMAINS IN GLOBAL DECLINE, DESPITE CHINESE SURGE - SYDNEY MORNING HERALD
The impact of coronavirus has prompted a surge in coal-fired power plant construction permits in China, with the Chinese government issuing more pe ...
Monday, 30 March 20
CORONAVIRUS - IMPLICATIONS FOR SHIPS AND CREW - GARD
KNOWLEDGE TO ELEVATE
Countries around the world are strengthening their border control measures in order to prevent the further spread of COVI ...
Monday, 30 March 20
LAY-UP AND RE-ACTIVATION REVISITED - GARD
KNOWLEDGE TO ELEVATE
The COVID-19 pandemic has affected the maritime industry in previously unthinkable ways. Ports around the world are denyi ...
Monday, 30 March 20
PANAMAX: INDONESIA LACKED VOLUME, PARTLY DUE TO FORCE MAJEURE IN INDIAN PORTS - BALTIC BRIEFING
Capesize
As Covid-19 continued to ratchet up tensions across the globe, the Cape market dealt with the change to remote working. Most regions o ...
Saturday, 28 March 20
ASIA'S COAL MARKETS DIVERGE ON QUALITY LINES AS CORONAVIRUS HITS INDIA - REUTERS
Asia’s seaborne coal market is increasingly diverging between higher-quality Australian coal, where prices are holding up despite the economi ...
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- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Dalmia Cement Bharat India
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
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