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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, 25 November 20
MARKET INSIGHT - INTERMODAL
Over 90% of the world’s goods are transported by sea. LPG is a clean, energy efficient and portable fuel that is being marketed at an afforda ...
Friday, 20 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 19 November 20
MARKET INSIGHT - INTERMODAL
As we are moving towards the end of the year, the overall deal landscape of the dry bulk sector corresponding to the second half of 2020 (up to dat ...
Tuesday, 17 November 20
COAL SQUEEZE INTENSIFIES - BALTIC EXCHANGE
The message from the top is clear: cut out coal. While the regulatory pressure has been evident for some time, the race to banish the black stuff s ...
Tuesday, 17 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 128.72 points Monday, up 0.35 percent week on week.
The index, released by China ...
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- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Planning Commission, India
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- White Energy Company Limited
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
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