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Tuesday, 04 October 22
A REMARKABLE SHIFT IN FORTUNES HAS BEEN NOTED IN THE CRUDE OIL TANKER MARKETS - ALLIED SHIPPING
 A remarkable shift in fortunes has been noted in the crude oil tanker markets over the past month, yet despite these shifts being seemingly in their infancy, we may well be seeing moves that could make these extremely favorable tailwinds be close to having run their course, says Allied Shipping Research in its latest report.
George Lazaridis, Head of Research & Valuations of Allied Shipping Research, this weekend OPEC+ made some fairly controversial announcements with regards to its next monthly meeting which will take place this Wednesday. OPEC announced that it would discuss a plan to introduce substantial cuts in production of between 0.5 and 1.0 mbpd. This would make it by far the largest production cut since April 2020, when oil demand collapsed during the early part of the coronavirus pandemic. The reasoning behind this is claimed to be a preemptive effort to prop up prices before any potential global economic slowdown has its effects on crude oil consumption growth, but to also retain ample spare production capacity in case Russian output were to fall sharply during the next few months due to the increasing western sanctions coming into force.
Allied Shipping report further noted that, obviously in the case of the former, to most, it sounds more of a case of self-fulfilling prophecy, given that one of the biggest risks that global economic growth faces right now is the extensively high energy costs being faced. Beyond this, what struck most people as a major surprise is that this decision went counter to what we had been seeing during the summer months, where pressure from the US had pushed the OPEC+ group to accelerate production increases. It also gives Russia considerable breathing room, as higher oil prices would help prop up its oil revenues which have been facing considerable pressure of late as part of the large discounts it has had to offer and the considerable strengthening of the Ruble.
The weekly report further noted that, the prime mover in the tanker freight market, over the course of these past few months, has been an increase in consumption levels back to pre-pandemic levels. On top of this, we have also seen a considerable positive gain from increasing ton-miles, as supply chain disruptions from Russian sanctions caused a shift towards farther away sourcing. Given the inelastic nature of crude oil demand, the overall effect of the above would be hard to pinpoint and would likely be relatively minimal.
However, according to George Lazaridis, under the current global economic conditions and given how difficult the winter months were expected to be even before this announcement, an even further spike in crude oil prices compared to what was previously expected could further smother economic activity and in turn dampen the ability of most major economies (and in turn consumers) from keeping their consumption levels on par with the trends noted over the past few months.
Furthermore, it sets for an even more ominous horizon for crude oil markets, as even before this announcement by OPEC+, the high prices of crude had already helped fuel a major shift towards alternative energy sources. There was already talk in the market that these currently high energy prices had helped bring the energy transition agenda forward by 4 to 5 years. At even higher crude oil prices, an investment in its alternatives becomes ever increasingly more viable and further boosts its potential return on investment.
For the time being it looks as though the tanker market will just have to make the most of what it has been given and hope that things don’t turn sour too quickly. We must not forget that any decision to change production levels by OPEC+ takes a fair amount of time before it is fully implemented. At the same time given the geopolitical nature of all this, it is too early to tell if any and all of these scenarios follow through.
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Wednesday, 19 October 22
WHAT WILL THE GAS MARKET LOOK LIKE IN A NET ZERO WORLD? - WOOD MACKENZIE
The global gas and LNG market faces a number of ‘great unknowns’. With the market in turmoil uncertainty abounds – from the scale ...
Wednesday, 19 October 22
MARKET INSIGHT - INTERMODAL
The LNG market remains extremely tight, and as a result adding further pressure on the vessel charter market, which is already stretched due to the ...
Sunday, 16 October 22
COULD A RETURN TO SHALE EXPLORATION BE PART OF THE SOLUTION TO EUROPE'S GAS SUPPLY PROBLEM? - WOOD MACKENZIE
The European gas market is in turmoil. Russia’s invasion of Ukraine has shaken things up, triggering a complete rethink of European energy st ...
Thursday, 13 October 22
THERMAL COAL PRICES RETREAT AS WINTER SUPPLY FEARS EASE - REUTERS
The prices of key thermal seaborne coal grades are retreating amid signs that supplies will be sufficient to meet winter demand in both Europe and ...
Thursday, 13 October 22
SPOT COAL BIDDING: CHINESE FIRM WANTS REVISED MECHANISM - BUSINESS RECORDER
Chinese company M/s Huaneng Shandong Ruyi (Pakistan) Energy Limited (HSR) has cautioned National Electric Power Regulatory Authority (Nepra) that i ...
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Showing 206 to 210 news of total 6871 |
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- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Marubeni Corporation - India
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