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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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- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Australian Coal Association
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
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