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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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Monday, 25 May 20
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
Non-OPEC oil supply continued to increase by 2.0 mb/d in 2019, driven by US shale production, which rose by 1.7 mb/d, amounting to 84% of total non ...
Sunday, 24 May 20
A 63,000 FIXED DELIVERY VIETNAM TRIP VIA INDONESIA REDELIVERY KOSICHANG AT $8,500 - BALTIC BRIEFING
Capesize
After a week of bounce momentum the market appears to have stalled out once again. The Capesize 5TC has more than doubled since last F ...
Saturday, 23 May 20
COLOMBIA COAL OUTPUT DOWN 7.2% IN Q1 ON LOW PRICES, CORONAVIRUS LOCKDOWN - REUTERS
Coal production in Colombia, the world’s fifth-largest coal exporter, fell 7.2% in the first quarter because of low prices and coronavirus qu ...
Saturday, 23 May 20
EWP INVITES BIDS FOR 840,000 METRIC TONS OF MIN 5700 NAR COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd (EWP) has Issued an International Tender for total Max 840,000 Metric Tons of min 5 ...
Thursday, 21 May 20
KOMIPO INVITED BIDS FOR TOTAL 610000 MT OF LCV AND HCV COAL FOR 2H 2020
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) has Issued an International Tender for 130,000 mt of 5700 NCV coal an ...
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- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- PTC India Limited - India
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- White Energy Company Limited
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
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