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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, 24 April 20
CHINA COAL PRODUCER YANZHOU COAL POSTS 9.6 PCT RISE IN 2019 NET PROFIT - XINHUA
China’s major coal producer Yanzhou Coal Mining Co., Ltd. said Thursday that its net profit saw a 9.6 percent rise in 2019.
Th ...
Tuesday, 21 April 20
INDONESIA ACCOUNTS FOR 19% OF JAPAN'S TOTAL COAL IMPORTS - BANCHERO COSTA
Coal trade in Asia is proving remarkably resilient this year, despite the global economic impact from COVID-19.
We have seen China&r ...
Tuesday, 21 April 20
COVID-19: CHARTERPARTY MATTERS FOR SHIPOWNERS - SKULD
KNOWLEDGE TO ELEVATE
Whilst the plight of cruise ships, stranded off shore with sick passengers and crew, may be dominating media headlines, t ...
Monday, 20 April 20
SUPRAMAX: A 52,000DWT SHIP FIXING AN INDONESIA COAL RUN TO CHINA AT $4400 - BALTIC BRIEFING
Capesize
This week was the strongest period seen for the Capesize market in several months. All routes globally succumbed to improved sentiment ...
Friday, 17 April 20
PANDEMIC TO BRING ASIA'S 2020 GROWTH TO HALT FOR 1ST TIME IN 60 YEARS - IMF: REUTERS
Asia’s economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an “unprecedented ...
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- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Economic Council, Georgia
- Minerals Council of Australia
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- The University of Queensland
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Australian Coal Association
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- PTC India Limited - India
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
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