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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, 16 May 16
THE FREIGHT MARKET WAS WEAK AND ALL SEGMENTS EXCEPT PANAMAX WERE DOWN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
Friday, 13 May 16
COAL CARGOES - SOME RECENT DEVELOPMENTS: SWEDISH CLUB
KNOWLEDGE TO ELEVATE
Indonesia continues to be amongst the world’s major exporters of coal, some 426Mt being traded in 2013 mostly to In ...
Friday, 13 May 16
US WEEKLY COAL PRODUCTION IS RUNNING 33% BELOW THE SAME PERIOD IN 2015 - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.9 million short tons (mm ...
Friday, 13 May 16
DRY BULK SHIPPING MARKET RECOVERY WILL BE A LONG, HARD-FOUGHT BATTLE - HELLENIC SHIPPING NEWS
Anyone who expects a strong rally in dry bulk market rates to end the industry’s downturn will be bitterly disappointed. By contrast – ...
Wednesday, 11 May 16
U.S. FORECAST COAL PRODUCTION IS EXPECTED TO DECLINED BY 150 MMST IN 2016; THE LARGEST DECLINE SINCE 1949 - EIA
COALspot.com: EIA estimates that U.S. coal production in April was 46 million short tons (MMst), a 6 MMst (12%) decrease from the previous month an ...
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- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Planning Commission, India
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Australian Coal Association
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- The University of Queensland
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
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