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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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Friday, 23 September 22
EUROPEAN STEEL BUYERS SEEK DIRECTION IN VOLATILE MARKET - MEPS INTERNATIONAL
Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. Steel purchasers are uncertain about the f ...
Friday, 23 September 22
BUOYANT COAL INDUSTRY SEEKS WAYS TO STAY IN THE LONG-TERM ENERGY MIX - REUTERS
There’s no doubt that the global coal industry has been a major beneficiary of Russia’s invasion of Ukraine and the subsequent energy c ...
Friday, 23 September 22
MARKET INSIGHT - INTERMODAL
In view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance eve ...
Tuesday, 20 September 22
CHINA'S DAILY COAL OUTPUT HITS 3-MONTH LOW IN AUGUST ON RAINS, COVID CURBS - REUTERS
China’s daily coal output in August slipped to a three-month low as some mines in its biggest coal mining regions reduced operations or even ...
Tuesday, 20 September 22
CHINA COAL OUTPUT UP 8.1 PCT IN AUGUST - XINHUA
China’s raw coal output posted stable expansion in August, official data showed.
The country produced 370 million tonnes of ra ...
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Showing 226 to 230 news of total 6871 |
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- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- PTC India Limited - India
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
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