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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, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Australian Coal Association
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
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