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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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- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- White Energy Company Limited
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
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