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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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Wednesday, 19 October 22
WHAT WILL THE GAS MARKET LOOK LIKE IN A NET ZERO WORLD? - WOOD MACKENZIE
The global gas and LNG market faces a number of ‘great unknowns’. With the market in turmoil uncertainty abounds – from the scale ...
Wednesday, 19 October 22
MARKET INSIGHT - INTERMODAL
The LNG market remains extremely tight, and as a result adding further pressure on the vessel charter market, which is already stretched due to the ...
Sunday, 16 October 22
COULD A RETURN TO SHALE EXPLORATION BE PART OF THE SOLUTION TO EUROPE'S GAS SUPPLY PROBLEM? - WOOD MACKENZIE
The European gas market is in turmoil. Russia’s invasion of Ukraine has shaken things up, triggering a complete rethink of European energy st ...
Thursday, 13 October 22
THERMAL COAL PRICES RETREAT AS WINTER SUPPLY FEARS EASE - REUTERS
The prices of key thermal seaborne coal grades are retreating amid signs that supplies will be sufficient to meet winter demand in both Europe and ...
Thursday, 13 October 22
SPOT COAL BIDDING: CHINESE FIRM WANTS REVISED MECHANISM - BUSINESS RECORDER
Chinese company M/s Huaneng Shandong Ruyi (Pakistan) Energy Limited (HSR) has cautioned National Electric Power Regulatory Authority (Nepra) that i ...
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- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- White Energy Company Limited
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- The University of Queensland
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Australian Coal Association
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
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