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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, 30 September 20
MARKET INSIGHT - INTERMODAL
Spot rates for Capesize bulk carriers received a significant boost last week, however, there are certain reservations in the market regarding the p ...
Tuesday, 29 September 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.73 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.91 points Monday, up 0.73 percent week on week.
The index, released by China ...
Tuesday, 29 September 20
SHIPPING MARKET - ALLIED
Here we are, just a short breath before the final quarter of the year, and many are now debating to what extent we can really expect a firm dry bul ...
Tuesday, 29 September 20
INDONESIAN COAL COMPANIES' EARNINGS TO WEAKEN IN 2H20 - FITCH RATINGS
Rated Indonesian coal miners and contractors will have weaker operating and financial performances in the second half of 2020 than in the first, sa ...
Tuesday, 29 September 20
RUSSIA'S COAL PRODUCTION TO DROP BY 10.5% IN 2020, SAYS MINISTRY - TASS
Russia’s Economic Development Ministry projects a 10.5% decrease in coal production in the country in 2020 compared with last year to 395 mln ...
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- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- PTC India Limited - India
- CNBM International Corporation - China
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Australian Coal Association
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
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