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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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Monday, 16 May 16
THE FREIGHT MARKET WAS WEAK AND ALL SEGMENTS EXCEPT PANAMAX WERE DOWN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
Friday, 13 May 16
COAL CARGOES - SOME RECENT DEVELOPMENTS: SWEDISH CLUB
KNOWLEDGE TO ELEVATE
Indonesia continues to be amongst the world’s major exporters of coal, some 426Mt being traded in 2013 mostly to In ...
Friday, 13 May 16
US WEEKLY COAL PRODUCTION IS RUNNING 33% BELOW THE SAME PERIOD IN 2015 - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.9 million short tons (mm ...
Friday, 13 May 16
DRY BULK SHIPPING MARKET RECOVERY WILL BE A LONG, HARD-FOUGHT BATTLE - HELLENIC SHIPPING NEWS
Anyone who expects a strong rally in dry bulk market rates to end the industry’s downturn will be bitterly disappointed. By contrast – ...
Wednesday, 11 May 16
U.S. FORECAST COAL PRODUCTION IS EXPECTED TO DECLINED BY 150 MMST IN 2016; THE LARGEST DECLINE SINCE 1949 - EIA
COALspot.com: EIA estimates that U.S. coal production in April was 46 million short tons (MMst), a 6 MMst (12%) decrease from the previous month an ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Xindia Steels Limited - India
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- The University of Queensland
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Malabar Cements Ltd - India
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
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