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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Planning Commission, India
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- The University of Queensland
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Trasteel International SA, Italy
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
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