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