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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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Thursday, 14 April 16
AUSTRALIAN MINING SERVICES SECTOR SQUEEZED BY MINERS' COST CUTS - FITCH RATINGS
Fitch Ratings says mining services companies' revenues and margins will remain under pressure as miners continue to focus on reducing costs ami ...
Thursday, 14 April 16
DRY BULKERS' PRICES COULD BE HEADING UPWARDS AS BUYERS' APPETITE INCREASES - HELLENIC SHIPPING NEWS
Investment sentiment is beginning to trend upwards in the market for second hand dry bulk carriers. According to the latest weekly report from ship ...
Wednesday, 13 April 16
U.S COAL PRODUCTION IS EXPECTED TO DECREASE BY 16 PER CENT IN 2016; THE LARGEST ANNUAL PERCENTAGE DECLINE SINCE 1958 - EIA
EIA estimates that U.S. coal production in March 2016 was 52 million short tons (MMst), a 2 MMst (4%) decrease from the previous month and 29 MMst ...
Tuesday, 12 April 16
INDONESIA COAL BENCHMARK PRICE INCREASES FOR SECOND STRAIGHT MONTH
COALspot.com: The Indonesia Coal Benchmark Price Increases For Second Straight Month in April 2016.
The Director General of Mine ...
Tuesday, 12 April 16
NO FURTHER SIGNIFICANT COAL PRICE DECLINES IN THE FUTURE - FITCH
COALspot.com: Fitch does not expect further significant coal price declines because producers sector-wide are suffering losses while China and Indo ...
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- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
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