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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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Tuesday, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
Sunday, 21 August 22
COAL-RICH POLAND FACES WINTER OF ENERGY DISCONTENT - DW
Poland uses 10 million tons of coal a year to heat households — a whopping 87% of all coal consumed in EU homes in 2019, according to the War ...
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- Videocon Industries ltd - India
- Australian Coal Association
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- White Energy Company Limited
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- The University of Queensland
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
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