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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, 16 September 22
DRY BULK MARKET: EU’S BAN ON RUSSIAN COAL LIFTS DEMAND DESPITE ECONOMIC HEADWINDS - BIMCO
Highlights
– The Baltic Exchange Dry Index (BDI) peaked in late May and has since fallen sharply as lower Chinese demand and adverse glob ...
Friday, 16 September 22
BIMCO EMBARKS ON NEW STANDARD FOR “QUIET ENJOYMENT”
KNOWLEDGE TO ELEVATE
A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing i ...
Friday, 16 September 22
INDIAN COAL PRODUCTION TO RISE 150 PER CENT IN 10 YEARS: CENTRE - EXPRESS NEWS SERVICE
The Union Ministry of Mines is expecting 150 per cent growth in coal production 10 years down the line as a result of coal reforms that had been us ...
Thursday, 15 September 22
MARKET INSIGHT - INTERMODAL
While the Organization of Petroleum Exporting Countries and its allies agreed on a 100,000 b/d output cut last week, oil flows are in the spotlight ...
Monday, 12 September 22
COAL PRICE HIKE REMAINS DIFFICULT FOR CIL: CHAIRMAN TELLS ANALYSTS - PTI
Coal India on Thursday informed investors that increasing coal prices remains difficult in the current context when the economy is grappling with h ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Parliament of New Zealand
- Edison Trading Spa - Italy
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Planning Commission, India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Mercator Lines Limited - India
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Australian Coal Association
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
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