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