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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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Thursday, 06 October 22
COAL INDIA ASKED TO ENHANCE SUPPLY TO THERMAL POWER PLANTS - IANS
With the festival season round the corner, Coal India Ltd. has been directed by the government to scale up dispatch to thermal power plants.
&n ...
Wednesday, 05 October 22
BUNKER PRICES DOWN AGAIN; IS THERE MORE TO COME? - INTEGR8 FUELS
It’s the economy…..”
VLSFO prices are now back to levels at the start of this year. After all the extremes of thi ...
Wednesday, 05 October 22
MARKET INSIGHT - INTERMODAL
Amid the looming western sanctions on Russia, the country is challenged to pivot its energy markets away from Europe and toward the East. Yet, Russ ...
Tuesday, 04 October 22
OIL PRICES COULD SOON RETURN TO $100 AS OPEC+ CONSIDERS ‘HISTORIC’ CUT, ANALYSTS SAY - CNBC
An influential alliance of some of the world’s most powerful oil producers is reportedly considering their largest output cut since the start ...
Tuesday, 04 October 22
INDONESIAN COAL PRICE REFERENCE SURGE AGAIN TO RECORD HIGH
COALspot.com: Indonesian Coal Price Reference reached another record high in October as Russia's war in Ukraine continues to spark a surge in c ...
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- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
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