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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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Friday, 23 September 22
EUROPEAN STEEL BUYERS SEEK DIRECTION IN VOLATILE MARKET - MEPS INTERNATIONAL
Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. Steel purchasers are uncertain about the f ...
Friday, 23 September 22
BUOYANT COAL INDUSTRY SEEKS WAYS TO STAY IN THE LONG-TERM ENERGY MIX - REUTERS
There’s no doubt that the global coal industry has been a major beneficiary of Russia’s invasion of Ukraine and the subsequent energy c ...
Friday, 23 September 22
MARKET INSIGHT - INTERMODAL
In view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance eve ...
Tuesday, 20 September 22
CHINA'S DAILY COAL OUTPUT HITS 3-MONTH LOW IN AUGUST ON RAINS, COVID CURBS - REUTERS
China’s daily coal output in August slipped to a three-month low as some mines in its biggest coal mining regions reduced operations or even ...
Tuesday, 20 September 22
CHINA COAL OUTPUT UP 8.1 PCT IN AUGUST - XINHUA
China’s raw coal output posted stable expansion in August, official data showed.
The country produced 370 million tonnes of ra ...
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Showing 226 to 230 news of total 6871 |
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- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Deloitte Consulting - India
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Parliament of New Zealand
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Eastern Energy - Thailand
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