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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, 01 April 20
TRADERS SCRAMBLE TO SELL CHEAP CRUDE CARGOES AS GLUT GROWS - REUTERS
Oil traders across the globe are offering cargoes far in advance as rapidly vanishing demand drives key physical crude prices to multi-decade lows, ...
Wednesday, 01 April 20
MARKET INSIGHT - INTERMODAL
There is an old, allegedly Chinese, saying suggesting that living in “interesting” times usually refers to times of trouble. The latest ...
Tuesday, 31 March 20
FREIGHT MARKET: DRY BULKERS - SPOT MARKET 23-29 MARCH 2020
Capesize
The rebound in freight rates resumed this past week, with rates man-aging to post further gains by week’s end. The BCI is in negat ...
Tuesday, 31 March 20
DRY BULK: Q1 HAS BEEN THE WORST QUARTER NOTED FOR MORE THAN 3 YEARS NOW - ALLIED RESEARCH
At this point, the Covid-19 pandemic seems to be monopolizing all market (as well as all other) discussions across the world and any market insight ...
Tuesday, 31 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.43 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.17 points Monday, down 0.43 percent week on week.
The index, released by Chi ...
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- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Planning Commission, India
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
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