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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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Thursday, 06 October 22
COAL INDIA ASKED TO ENHANCE SUPPLY TO THERMAL POWER PLANTS - IANS
With the festival season round the corner, Coal India Ltd. has been directed by the government to scale up dispatch to thermal power plants.
&n ...
Wednesday, 05 October 22
BUNKER PRICES DOWN AGAIN; IS THERE MORE TO COME? - INTEGR8 FUELS
It’s the economy…..”
VLSFO prices are now back to levels at the start of this year. After all the extremes of thi ...
Wednesday, 05 October 22
MARKET INSIGHT - INTERMODAL
Amid the looming western sanctions on Russia, the country is challenged to pivot its energy markets away from Europe and toward the East. Yet, Russ ...
Tuesday, 04 October 22
OIL PRICES COULD SOON RETURN TO $100 AS OPEC+ CONSIDERS ‘HISTORIC’ CUT, ANALYSTS SAY - CNBC
An influential alliance of some of the world’s most powerful oil producers is reportedly considering their largest output cut since the start ...
Tuesday, 04 October 22
INDONESIAN COAL PRICE REFERENCE SURGE AGAIN TO RECORD HIGH
COALspot.com: Indonesian Coal Price Reference reached another record high in October as Russia's war in Ukraine continues to spark a surge in c ...
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- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- GMR Energy Limited - India
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