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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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Saturday, 20 August 22
KOSPO TO IMPORT 240000 MT OF MIN 4400 KCAL/KG NCV STEAM COAL FOR OCTOBER;LOADING FROM RUSSIAN PORTS NOT ALLOWED
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 240,000 MT of min 4,400kcal/kg to max. 4,999 kcal/kg NC ...
Wednesday, 17 August 22
INDIAN COMPANIES SWAPPING DOLLAR FOR ASIAN CURRENCIES TO BUY RUSSIAN COAL - REUTERS
Indian companies are using Asian currencies more often to pay for Russian coal imports, according to customs documents and industry sources, avoidi ...
Wednesday, 17 August 22
LNG: MAJOR INVESTMENT AND EXPANSION PHASE, DOUBLING OF LIQUEFACTION CAPACITY BY 2028 PROJECTED - CLARKSONS
Clarksons Research have released the latest version of their long standing annual review, LNG Trade & Transport, on to Shipping Intelligence Ne ...
Wednesday, 17 August 22
UNAFFORDABLE LNG PRICES UNDERMINE RAPID DEMAND GROWTH FORECASTS IN KEY ASIAN MARKETS - IEEFA
Sustained high prices may accelerate downward pressures on Asian LNG demand, clouding long-term industry outlooks
The global liquefi ...
Wednesday, 17 August 22
CHINA'S COAL-RICH SHANXI MAKES STRIDES IN HIGH-QUALITY DEVELOPMENT - XINHUA
Shanxi, a major coal-producing province in north China, has made continuous advances in high-quality development over the past decade, according to ...
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- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Australian Coal Association
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
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