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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, 06 August 22
SUMITOMO Q1 PROFIT RISES 45% ON STRONGER PRICES OF COAL, NICKEL - REUTERS
Japanese trading house Sumitomo Corp 8053.T said on Wednesday its net profit for the April-June quarter rose 45% to a record thanks to higher price ...
Saturday, 06 August 22
GERMANY'S ENERGY U-TURN: COAL INSTEAD OF GAS - DEUTSCHE WELLE
Berlin has realized it will never again import as much energy from Russia as before the Ukraine war. So the challenge is to wean Germany off its de ...
Saturday, 30 July 22
NUANCES OF FORCE MAJEURE CLAUSE - BALTIC EXCHANGE
Knowledge to Elevate
In NKD Maritime Limited v. Bart Maritime (No 2) Inc (Shagang Giant) [2022] EWHC 1615 (Comm), Bart Maritime (No 2) Inc (th ...
Saturday, 30 July 22
AEMO URGES QUICKER SHIFT TO RENEWABLES AMID COAL FAILURES AND SOARING FOSSIL FUEL COSTS
The Australian Energy Market Operator has called for an accelerated shift to wind and solar, backed up by batteries and other storage, as a devasta ...
Friday, 29 July 22
GLENCORE TO SUPPLY COAL TO NIPPON STEEL AT $375 PER TON - BLOOMBERG
Glencore Plc, agreed to supply coal to Nippon Steel at one of the highest prices ever paid by the Japan Bloomberg reported on July 27.
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- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- CNBM International Corporation - China
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
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