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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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Friday, 08 May 20
THE COLLAPSE OF THE OIL AND BUNKER FUEL MARKETS IN EARLY 2020 - PETER SAND
The sulphur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the centre stage in the shipp ...
Friday, 08 May 20
LNG DEMAND FACED SEVERAL HEADWINDS IN THE FIRST QUARTER OF 2020 - GASLOG
LNG demand faced several headwinds in the first quarter of 2020 including a warmer than average winter in the northern hemisphere, high inventory l ...
Thursday, 07 May 20
IEEFA UPDATE: THE OUTLOOK FOR THERMAL COAL IN SOUTHEAST ASIA AND SOUTH ASIA
Seven headwinds are building to sustained growth in coal in Asia
The medium term outlook for thermal coal in Southeast Asia is posit ...
Thursday, 07 May 20
IMO 2020: BUNKER CLAIMS HANDLING GUIDE FOR A NEW DECADE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
IMO 2020 is the term generally used to describe the following regulations under Annex VI of the International Convention ...
Thursday, 07 May 20
CRUDE OIL TANKER EARNINGS DROP 68% IN NINE DAYS - BIMCO
Crude oil tanker earnings have come down sharply in recent weeks with Very Large Crude Carrier (VLCC) earnings from the Middle East Gulf to China d ...
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- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- White Energy Company Limited
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Parliament of New Zealand
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Economic Council, Georgia
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Central Electricity Authority - India
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