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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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Thursday, 11 June 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 ...
Wednesday, 10 June 20
OPEC+ CUTS EXTENSION TO ACCELERATE MARKET REBALANCING - FITCH RATINGS
Fitch Ratings-London-08 June 2020: The OPEC+ agreement to extend by one month record oil production cuts should accelerate market rebalancing, Fitc ...
Wednesday, 10 June 20
MARKET INSIGHT - INTERMODAL
In contrast to the economic projections of the past two years for the first half of 2020, the oil & gas industry and those involved in it faced ...
Wednesday, 10 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.19 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.71 points Monday, down 0.19 percent week on week.
The index, released by Chi ...
Tuesday, 09 June 20
BUNKER SUPPLY CONTRACTS - KEY CONSIDERATIONS FOR THE BUYER - GARD
KNOWLEDGE TO ELEVATE
Regardless of whether a buyer purchases fuel directly from physical suppliers or via brokers or traders and whether sale ...
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- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Australian Coal Association
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