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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, 04 April 16
CAPE INDEX JUMPED 70% WEEK ON WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 01 April 16
ASSESSING THE DRY BULK MARKET AT ROCK BOTTOM - CLARKSONS
While the opening months of the year are typically a weak period for the dry bulk market, the downturn so far this year has been severe. Earnings h ...
Friday, 01 April 16
NINE AM - TIME TO GET AN INDONESIAN LANGUAGE VERSION OF YOUR CHARTERPARTIES - CLYDE & CO
KNOWLEDGE TO ELEVATE
For several years, Indonesian law (Article 31, Law Number 24 of 2009) has required that memoranda of understanding (" ...
Friday, 01 April 16
U.S. COAL PRODUCTION UP SLIGHTLY WEEK OVER WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.6 million shor ...
Thursday, 31 March 16
CAPE: ANOTHER UNEVENTFUL WEEK WITH FIXTURES CONCLUDED AT LAST DONE LEVELS - FEARNLEYS
Cape
Another uneventful week with fixtures concluded at last done levels, CS levels remain around the USD 3 mark, whilst C3 is still just short o ...
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- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Economic Council, Georgia
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
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