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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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- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- The University of Queensland
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
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