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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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Tuesday, 24 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.28 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.74 points Monday, down 0.28 percent week on week.
The index, released by Chi ...
Monday, 23 March 20
CHARTERPARTY REQUIREMENTS TO NOTIFY CLAIMS - TAKE CARE! - WFW
KNOWLEDGE TO ELEVATE
Voyage charterparties frequently require the owner to notify any claim with supporting documents within a relatively shor ...
Monday, 23 March 20
COAL INDIA LIMITED'S ONE-DAY OUTPUT PEAKS AT 3.17 MT - THE HINDU
Coal India Limited (CIL) output peaked at a new high of 3.17 million tonnes (MT) on March 20, overtaking the 3.14 MT production recorded on March 2 ...
Monday, 23 March 20
KOMIPO INVITED BIDS FOR 1.45 MILLION TONS OF COAL FOR JUNE & JULY 2020 LOADING
COALspot.com: Korea Midland Power Co.,Ltd (KOMIPO), on behalf of five Korean Gencos, has issued an international tender for total 1,450,000 MT (&pl ...
Saturday, 21 March 20
PANAMAX: 82,000DWT SHIP AGREED $4,250 FOR A COAL TRIP VIA INDONESIA REDELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
The Capesize market made some headway this past week despite being buffeted by the global pandemic storm. With the market in a constan ...
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- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Dalmia Cement Bharat India
- The University of Queensland
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- White Energy Company Limited
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Anglo American - United Kingdom
- CNBM International Corporation - China
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
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