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Wednesday, 11 May 16
MARKET INSIGHT - KATERINA RESTIS
 On Saturday 7th May, Riyadh replaced the long-serving oil minister of more than two decades, Ali-Al-Naimi, as part of a major government overhaul, which comes at a time that the realm faces a fall in energy revenues. Furthermore, last month the Kingdom reported the already premeditated economic reforms to decrease its reliance on oil and develop a long-term sustainable expansion, with arrangements for a monstrous $2 trillion fund to lift its worldwide investment power plan.
Particularly, the implementation of the named “Vision 2030” plan visualizes the country to operate without its major dependence on oil income by 2030. As announced, the plan encompasses the expansion of the realm’s tourism industry, developing the capacity of its military industries, reducing sponsorships to save money, generating job initiatives while restructuring its education system and establishing a Green Card-style residency system for Arabs.
Moreover, the setting up of the Public Investment fund of $2 trillion includes the $100bn that are expected to be raised from Saudi Aramco’s Initial Public Offering (the biggest IPO in history), with Prince Mohammed Bin Salman stating that the Saudi addiction to oil has disrupted the development of many sectors in previous years. As a result, the Kingdom aims to gain exposure to international markets and thus attract investments in all aspects of its economy with greater transparency.
Saudi Arabia’s new vision 2030, being ambitious and comprising of diversified policies reflects a long term initiative for economic progresses that have gained grounds from low oil prices and new-generation leadership. Gulf countries have been developing similar policies for years with Bahrain publishing its vision 2030 in 2008 and Abu Dhabi issuing one in 2009, both led by princes who wanted to associate themselves with economic transformation and collective consciousness. The April’s meeting and discussion of oil-rich countries in Doha for a production freeze in order to boost oil prices, led to no-agreement as Iran declared an increase on its output. Alongside, it was just about a year and a half ago that Ali-al-Naimi urged OPEC to maintain output, rather than reduce production and support oil prices. Effectively higher cost producers were squeezed, mainly shale oil drillers. Similarly, Saudi Arabia itself has suffered an incredible loss by foreign-exchange reserves dropping and economic growth slowing.
Inevitably, the above measures will likely lead to the most radical transformation of the kingdom since its establishment in 1932. The plan itself is the evidence of the seriousness with which the authorities are taking the effects of squeezed oil prices on the economy and consequently the socio-political impact that has shaped the state-society relations. The world’s energy map is being revamped as global growth slows down. Iran’s reintegration is shifting the regional strategic dynamics. Saudi Arabia, long familiar to being the leading player in the area, must adapt to these changes.
Consequently, the Kingdom’s strong presence in crude oil and oil product markets affects the demand for oil tankers, the world’s primary oil transportation. Therefore, “Vision 2030”, which aims at less dependence on petrodollar income and further diversified domestic and global investments, may be the result of possible pessimistic expectations about further oil-driven world growth and it could even be the signal for even lower oil prices in the future. What would be the effects on the notoriously volatile shipping industry? It remains to be seen.
By Katerina Restis
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
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, 20 May 16
U.S COAL PRODUCTION FOR THE WEEK ENDED 14 MAY TOTALED 11.4 MMST; UP 3.8% W/W
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.4 million short tons (mm ...
Thursday, 19 May 16
AUSTRALIAN IRON ORE CARGOES PUSHED UP THE FREIGHT RATES FOR CAPE THIS WEEK - FEARNLEYS
Cape
It has been a big jump in the freight rates for Cape size this week, says Fearnleys in its latest weekly report. All of the Australian iron ...
Thursday, 19 May 16
DISPUTE OVER VAT ON COAL DRAGS ON, CAUSING DOUBLE-BLOW TO MINERS - JP
The dispute over the value-added tax ( VAT ) mechanism between coal miners operating under third-generation contracts and the Finance Ministry&rsqu ...
Wednesday, 18 May 16
DRY BULK OUTLOOK REMAINS GLOOMY SAYS DANISH SHIP FINANCE, AS SHIPPING NEEDS TO RETHINK BUSINESS MODEL - HELLENIC SHIPPING
Our Shipping Market Review – May 2016 is devoted to the fourth industrial revolution. To understand the truly disruptive nature of the fourth ...
Wednesday, 18 May 16
LONG TERM FUNDAMENTALS ARE SLOWLY IMPROVING FOR THE DRY BULK MARKET - INTERMODAL
As we are approaching the end of the first half of the year, there is a number of market participants over at the dry bulk sector that have started ...
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- Indian Energy Exchange, India
- Minerals Council of Australia
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Planning Commission, India
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
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