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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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Tuesday, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
Sunday, 21 August 22
COAL-RICH POLAND FACES WINTER OF ENERGY DISCONTENT - DW
Poland uses 10 million tons of coal a year to heat households — a whopping 87% of all coal consumed in EU homes in 2019, according to the War ...
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Showing 251 to 255 news of total 6871 |
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- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Central Electricity Authority - India
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- PTC India Limited - India
- The University of Queensland
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
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