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