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