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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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Wednesday, 23 March 16
THE PANAMA CANAL - WILL THE MELTING OF POLAR ICE CAPS CREATE RIVAL NAVIGATIONAL WATERWAYS THROUGH THE ARCTIC? - INTERMODAL
The Panama Canal, 102 years after its initial opening, is now about to have its expansion completed with a cost of USD5.25 Billion. It is a project ...
Tuesday, 22 March 16
FOUR NEW MARKET MEMBERS HAVE JOINED GLOBALCOAL
globalCOAL® announced yesterday that four new Market Members have joined its international trading community.
Ferrocadia DMCC is an intern ...
Monday, 21 March 16
INDONESIAN 4200 GAR COAL INDEX ROSE $0.12 OR, 0.44% WEEK OVER WEEK; INDEX CLOASED AT $27.19 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.21 percent week over week to averaging $38.90 per ton on this past Friday, ac ...
Monday, 21 March 16
THE BALTIC DRY INDEX ROSE SLIGHTLY WEEK OVER WEEK; BCI UP 11.93%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued rose this week helped by higher rates for Cape ...
Friday, 18 March 16
OUTLOOK ON GLOBAL SHIPPING SECTOR TURNS NEGATIVE AS SUPPLY-DEMAND GAP WIDENS AND EBITDA DECLINES - MOODY'S
Moody’s Investors Service (Moody’s) has changed its outlook on the global shipping sector to negative as it expects supply growth to ou ...
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- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
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