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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, 04 August 20
KOEN INVITED BIDS FOR TOTAL 900K MT OF MIN 5600 NCV COAL FOR 3 YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 260,000 to 300,000 Tons (MT) min. ...
Tuesday, 04 August 20
THE WORLD’S FLEET OF COAL-FIRED POWER STATIONS HAS GOT SMALLER FOR THE FIRST TIME ON RECORD, WITH MORE CAPACITY RETIRED IN THE FIRST HALF OF 2020 THAN THE AMOUNT OPENED - IEA
This is according to the latest Global Coal Plant Tracker (GCPT) results by Global Energy Monitor (GEM), which we completed last month and report f ...
Monday, 03 August 20
U.S. COAL CONSUMPTION, WHICH HAS DECLINED SINCE ITS 2007 PEAK, FELL TO ITS LOWEST POINT IN APRIL 2020 - EIA
According to the U.S. Energy Information Administration’s (EIA) most recent Monthly Energy Review, the United States consumed 6.5 quadrillion ...
Monday, 03 August 20
LOW OIL PRICE AND CORONA VIRUS HIT SUB-SAHARAN AFRICA OIL PRODUCERS - FITCH RATINGS
The collapse in oil prices and the coronavirus shock is worsening the fiscal and external balances of sub-Saharan African oil producers, Fitch Rati ...
Saturday, 01 August 20
SHIP SHAPE - OUCH: FIS
Thursday afternoon saw a report that US GDP in Q2 shrank by 32.9%. Now this may have beaten expectations, but it’s a bit like saying that you ...
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- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
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