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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, 02 September 20
MARKET INSIGHT - INTERMODAL
The imminent global shift towards eco-friendliness has caused divide among the shipping community because there is no outlined, clear-cut way via w ...
Wednesday, 02 September 20
INDONESIA COAL PRICE REFERENCE DIVES FURTHER IN SEPTEMBER DUE TO SUBDUED DEMAND & GLOBAL OVERSUPPLY
Subdued demand & global oversupply pushed down this month's HBA
COALspot.com: The Indonesia Coal Price Reference ...
Tuesday, 01 September 20
WHY INDIA CAN'T MATCH THE GULF REGION'S RECORD-LOW SOLAR TARIFFS - IEEFA
5-10% annual decline in tariffs estimated for the next decade
A number of countries in the Gulf region have set record-low prices for solar in ...
Tuesday, 01 September 20
COVID-19 PUSHES US LNG INTO A TIGHT SPOT - DREWRY
The pandemic-led weak projections for economic growth will derail US LNG exports in full-year 2020 with the country also losing ground in the long ...
Monday, 31 August 20
DEFECTIVE PASSAGE PLANNING: UNSEAWORTHINESS OR A NAVIGATIONAL DECISION? THE CMA CGM LIBRA QUESTION SAILS ON TO THE UK SUPREME COURT - GARD
KNOWLEDGE TO ELEVATE
The UK Supreme Court has granted leave to appeal the recent decision in Alize 1954 v Allianz Elementar Versicherungs AG ( ...
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- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Planning Commission, India
- Anglo American - United Kingdom
- CNBM International Corporation - China
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
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