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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, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shi ...
Friday, 13 March 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Friday, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
Wednesday, 11 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.07 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points Monday, up 0.07 percent week on week.
The index, released by China ...
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- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
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