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