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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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Wednesday, 24 March 21
MARKET INSIGHT - INTERMODAL
Since the start of the pandemic, the shipping industry has efficiently responded to ensure the continuity of operations and hence the security of s ...
Tuesday, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electr ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
...
Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
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- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Parliament of New Zealand
- Posco Energy - South Korea
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- The University of Queensland
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
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