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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, 07 April 16
BIMCO AND GIIGNL PUBLISH A GROUNDBREAKING VOYAGE CHARTER PARTY FOR LNG TRADE
BIMCO and the International Group of Liquefied Natural Gas Importers (GIIGNL) have today jointly issued the first definitive voyage charter party & ...
Wednesday, 06 April 16
HOW LONG SHIPPING CRISIS WILL BE; WHEN SHOULD OWNERS EXPECT THE BULK CARRIERS TO BECOME PROFITABLE? - INTERMODAL
It is the consensus that dry bulk shipping has been in a crisis for quite some time now. Bulk carrier values are at historical low levels, therefor ...
Tuesday, 05 April 16
DRY BULK REVISITS 1980S LOWS AND FACES UNCERTAIN LONGER TERM OUTLOOK - MSI | HELLENIC SHIPPING NEWS
With the market near bottom, attention is turning to the length of the downturn, the effect on asset values and the impact of broader demand side c ...
Monday, 04 April 16
THE LOADING, AND SUBSEQUENT DISCHARGE, OF UNSAFE NICKEL ORE - ALL TIME TO 'COUNT' - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a recent, published, London arbitration award the English tribunal has held that all time lost as a result of loading, ...
Monday, 04 April 16
INDONESIA CS57 COAL INDEX SLIDES SLIGHTLY WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.07 percent week over week to averaging $38.88 per ton on this past Friday, ac ...
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- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- The University of Queensland
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- MS Steel International - UAE
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
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