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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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Sunday, 02 October 22
MISC STRENGTHENS ITS PARTNERSHIP WITH SEARIVER MARITIME
MISC Berhad (MISC) today announced that its subsidiaries Polaris LNG Three Pte. Ltd. and Polaris LNG Four Pte. Ltd. have secured long-term time cha ...
Thursday, 29 September 22
MARKET INSIGHT - INTERMODAL
This week, focus turns to the 38th APPEC Conference, where leading professionals from the global oil industry will discuss the future key drivers o ...
Thursday, 29 September 22
HIGH COAL PRICES REMAIN A CONCERN FOR DOMESTIC NON-FERROUS METAL COMPANIES - ICRA
According to ICRA on Monday, the high price of coal will have a negative effect on the profitability of domestic non-ferrous metal companies that m ...
Tuesday, 27 September 22
14% INCREASE IN EUROPEAN COAL DEMAND TO BE SHORT-TERM TREND - WOOD MACKENZIE
European seaborne thermal coal demand is projected to increase 14% or 12 million metric tonnes (Mt) this year to 98 Mt as it grapples with the curr ...
Friday, 23 September 22
CHINA DIGS DEEP TO RAISE COAL OUTPUT TO RECORD HIGH - REUTERS
China’s coal production has surged this year as the government seeks to improve energy security by reducing dependence on imports and amassin ...
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- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Economic Council, Georgia
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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