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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, 15 July 20
MARKET INSIGHT - INTERMODAL
The Covid-19 virus spread around the world has obviously impacted the global oil demand while the situation remains fluid. The overall constraint ...
Tuesday, 14 July 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.75 PCT - XINHUA
China Taiyuan coal transaction price index stood at 126.01 points Monday, up 0.75 percent week on week.
The index, released by China ...
Tuesday, 14 July 20
TURKEY - A CASE OF UNDECLARED BUNKER - GARD
KNOWLEDGE TO ELEVATE
Undeclared/excess bunkers can be considered a criminal act by Turkish customs officials with the ship's crew being ac ...
Monday, 13 July 20
PANAMAX: A TUMULTUOUS WEEK IN THE PANAMAX MARKET ENSURED ALL MARKETS GAINED VALUE ON THE WEEK - BALTIC BRIEFING
Capesize
This week witnessed the dreaded correction in the Capesize market, with the time charter average shedding almost 18 per cent to close ...
Friday, 10 July 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 ...
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- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Planning Commission, India
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Australian Coal Association
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
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