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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, 06 May 20
COST CHALLENGES IN A US$20/BBL WORLD - WOOD MACKENZIE
A new approach is needed to ensure supply sector resilience
How will US$20/bbl affect the oil and gas supply chain?
It’s going to g ...
Wednesday, 06 May 20
MARKET INSIGHT - INTERMODAL
It comes as no surprise that activity in the dry bulk SnP market remains soft, with asset values caught in the downward spiral generated by the Cov ...
Wednesday, 06 May 20
FLOATING STORAGE OF OIL CARGOES - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Due to a combination of circumstances there is now a worldwide shortage of storage space ashore for both unrefi ...
Wednesday, 06 May 20
IRON ORE TRADE REMAINS REMARKABLY RESILIENT THIS YEAR, AT LEAST IN ASIA - BANCHERO COSTA
Iron ore trade remains remarkably resilient this year, at least in Asia, despite the global economic impact from COVID-19. In the first 4 months of ...
Tuesday, 05 May 20
SUPRAMAXES: YTD SLIDE HAS BEEN 45%, WITH THE AVERAGE FOR 2020 TCA HOLDING AT US$5,793 - ALLIED
It has been almost three months since the WHO officially categorized the current coronavirus outbreak as a global pandemic, an outbreak that has br ...
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- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Parliament of New Zealand
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Planning Commission, India
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
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