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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, 29 December 20
CORROSION-RESISTANT STEELS FOR CARGO OIL TANKS - DNV GL
KNOWLEDGE TO ELEVATE
Crude oil is a complex mixture of substances at varying ratios and in most cases contains at least some salt water. ...
Tuesday, 29 December 20
CHINA COKING COAL FUTURES RISE FOR THIRD DAY ON SUPPLY WORRIES - REUTERS
Chinese coking coal futures extended gains into a third session on Monday, jumping as much as 6.2% as lower imports, sliding inventories and mines ...
Wednesday, 23 December 20
COKING COAL'S DECLINE LIKELY TO FOLLOW THE PATH OF THERMAL COAL’S PROGRESSIVE DEMISE - IEEFA
Technology disruption the likely theme of global energy markets in 2021
There has been a growing tsunami of climate commitment annou ...
Wednesday, 23 December 20
MARKET INSIGHT - INTERMODAL
As we all know, China forges more steel than the rest of the world combined, and even during this unprecedented pandemic, the nation is set to brea ...
Tuesday, 22 December 20
2021 DRY BULK OUTLOOK - SUPPLY GROWTH - TORVALD KLAVENESS
In the first article in the series we mentioned that dry bulk freight was in a super cycle between 2001 and 2008. The growth in global yard capacit ...
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- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Planning Commission, India
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- PTC India Limited - India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
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