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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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Thursday, 19 March 20
BIMCO REVISES 2020 FORECAST FOR MAIN SHIPPING MARKETS
The coronavirus pandemic is impacting global shipping demand for 2020 negatively. The speed of the virus spread makes it difficult to assess the fu ...
Thursday, 19 March 20
U.S. COAL EXPORTS DECLINED IN 2019 - EIA
In 2019, U.S. coal exports declined to 93 million short tons (MMst), a 20% decrease from the previous year, according to the U.S. Energy Informatio ...
Thursday, 19 March 20
SOUTH KOREA'S KOSPO INVITED BIDS FOR MIN 3,700 OR MIN 4,200 NCV LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO), has issued an international tender for total 160,000 MT (±10%) (80,000 x 2 Panamax) of ...
Wednesday, 18 March 20
DRY BULK: INDONESIAN COAL CARGOES PROVIDING A BIG BOOST IN THE EAST WHERE SENTIMENT FOR HANDIES ALSO STARTED IMPROVING - INTERMODAL
The BDI ended last week with small gains on the back of an encouraging number of cargoes out of key trading regions that helped sustain the reserve ...
Wednesday, 18 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
Despite we all knew about the Covid-19 weeks ago, few could realize the size of the thread until the last few days. The examples of China and Italy ...
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- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Planning Commission, India
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
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