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