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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, 17 March 20
IT IS NOW UNQUESTIONABLE THAT 2020 WILL BE A MILESTONE YEAR FOR THE OIL MARKET, AS WELL AS THE WHOLE GLOBAL ECONOMY - ALLIED
It is now unquestionable that 2020 will be a milestone year for the oil market, as well as the whole global economy. The impact from the COVID-19 o ...
Tuesday, 17 March 20
PRELIMINARY FIELD EXPERIENCES ON THE EFFECTS OF LSFO AND VLSFO ON CYLINDER CONDITION - HANS JENSEN LUBRICATORS
It is now more than two months since the 0.5% sulphur cap entered into force, which have affected the operation of more than 70,000 vessels. As ant ...
Monday, 16 March 20
ULTRAMAX: S8 INDONESIA-INDIA AND S10 INDONESIA-CHINA ROUTES BOTH POSTED GAINS OF $1,412, AND $1,289 ON THE WEEK, TO CLOSE AT $5,575, AND $6,089 RESPECTIVELY - BALTIC BRIEFING
Capesize
The Capesize market came to work on Monday, with little expectation, or confidence, that the days ahead were going to bring anything o ...
Sunday, 15 March 20
CAPTIVE COAL OUTPUT RISES 19% IN APRIL-FEBRUARY - FINANCIAL EXPRESS
Coal production from captive mines in the first eleven months of the ongoing fiscal have increased by 18.8% year-on-year (y-o-y) to 51.7 million to ...
Friday, 13 March 20
PANAMAX: SLIGHTLY STRONGER NUMBERS IN BOTH BASINS THIS WEEK - FEARNLEYS
Cape
Still very sad times for the big ships, and merit in further trading at present levels is highly debatable for most tonnage. Spot fixtures ...
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- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Australian Coal Association
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Economic Council, Georgia
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- London Commodity Brokers - England
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
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