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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, 16 September 22
DRY BULK MARKET: EU’S BAN ON RUSSIAN COAL LIFTS DEMAND DESPITE ECONOMIC HEADWINDS - BIMCO
Highlights
– The Baltic Exchange Dry Index (BDI) peaked in late May and has since fallen sharply as lower Chinese demand and adverse glob ...
Friday, 16 September 22
BIMCO EMBARKS ON NEW STANDARD FOR “QUIET ENJOYMENT”
KNOWLEDGE TO ELEVATE
A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing i ...
Friday, 16 September 22
INDIAN COAL PRODUCTION TO RISE 150 PER CENT IN 10 YEARS: CENTRE - EXPRESS NEWS SERVICE
The Union Ministry of Mines is expecting 150 per cent growth in coal production 10 years down the line as a result of coal reforms that had been us ...
Thursday, 15 September 22
MARKET INSIGHT - INTERMODAL
While the Organization of Petroleum Exporting Countries and its allies agreed on a 100,000 b/d output cut last week, oil flows are in the spotlight ...
Monday, 12 September 22
COAL PRICE HIKE REMAINS DIFFICULT FOR CIL: CHAIRMAN TELLS ANALYSTS - PTI
Coal India on Thursday informed investors that increasing coal prices remains difficult in the current context when the economy is grappling with h ...
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- Interocean Group of Companies - India
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- The University of Queensland
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- CNBM International Corporation - China
- Economic Council, Georgia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
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