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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, 01 May 20
LUKOIL SHARES LUBRICANT EXPERIENCE AFTER FIRST 100 DAYS OF OPERATION ON VLSFO
KNOWLEDGE TO ELEVATE
After 100 days of VLSFO operation, LUKOIL Marine Lubricants is sharing recent experience on VLSFO operation with NAVIGO M ...
Wednesday, 29 April 20
OIL CLOSES IN ON PEAK OVERSUPPLY - WOOD MACKENZIE
Are we now deep in the abyss? Up to our necks in it, if the oil price is any guide. Brent has now tested sub-US$20/bbl in this downturn and WTI sub ...
Monday, 27 April 20
INCIDENT INVESTIGATION: SEARCH FOR THE CAUSE, NOT THE VILLAIN - GARD
Incident investigations often conclude with placing the blame for an incident on the crew. Causes of the incidents are usually identified as proced ...
Monday, 27 April 20
A 58,000DWT VESSEL WAS FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY WC INDIA, AT $4,500 - BALTIC BRIEFING
Capesize
The tide turned this week for the Capesize market, as voyage rates registered dramatically falling fuel costs. This was led primarily ...
Sunday, 26 April 20
STRONGER BUNKER PRICES FAIL TO RALLY FREIGHT MARKET - FIS
VLSFO bunker prices rebounded by $22.50 to $229/mt in the port of Singapore but failed to turn around the spot freight market.
Some ...
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- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- The University of Queensland
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
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