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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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Friday, 25 March 16
DRY BULK SHIPPING FLEET WILL GROW BY 1.3% DURING 2016 - BIMCO | HELLENIC SHIPPING NEWS
The dry bulk market will keep on suffering, at least until the start of 2017 and possibly well after that, should the current balance of supply and ...
Friday, 25 March 16
U.S COAL PRODUCTION DECLINED 9.1% W/W - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million shor ...
Thursday, 24 March 16
PERSISTENT OVERCAPACITY TO PROLONG CHINA'S COAL SECTOR DOWNTURN - FITCH
China's coal sector is likely to remain under pressure in the short to medium term as structural weaknesses in demand and overcapacity persist, ...
Thursday, 24 March 16
SEABORNE TRADE: CHECKING UP ON THE TRENDS - CLARKSON RESEARCH
Following a decline in 2009, seaborne trade grew on average by 4.9% p.a. in 2010-13, reflecting booming import demand in a number of key importing ...
Thursday, 24 March 16
NEWBUILDINGS' PRICES HAVE STARTED TO COME DOWN - ALLIED | HELLENIC SHIPPING NEWS
Newbuildings’ prices have started to come down, as demand has remained subdued for quite some time now. In its latest weekly report, shipbrok ...
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- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Australian Coal Association
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
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