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