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Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
 Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil and gas, chemicals, and fertilisers, unless there are wider shipping – or production – disruptions in the region, Fitch Ratings says.
Heightened geopolitical risk, including the recent shipping disruptions, will maintain the oil price premium. However, without material disruptions to actual oil production, or a wider escalation of attacks to more vital oil transport routes in the region, we do not expect a strong upside to our USD80/bbl Brent price assumption for 2024, as there is material OPEC+ spare capacity.
Total oil shipments via the Suez Canal, the SUMED pipeline, and the Bab-el-Mandeb Strait accounted for about 12% of global oil seaborne trade in 1H23, according to EIA. Houthi attacks have primarily been concentrated in the narrow strait of Bab-el-Mandeb. Northbound oil shipments via the Suez Canal and the SUMED pipeline are directed to Europe, mainly from Saudi Arabia and Iraq. Southbound flows are primarily Russian oil exports to China and India following the EU sanctions on Russian oil imports.
BP, Shell, QatarEnergy, and many shippers have halted transit through the Suez Canal, with some shippers re-routing around Africa. This may marginally tighten the oil and gas markets, albeit temporarily, as supply chains need to adjust to the alternative route taking about a fortnight longer, but we do not anticipate any material impact on prices.
With over 5 million barrels per day (MMbpd) of OPEC+ spare capacity as of January 2024, and balanced global oil supply and demand, we expect the global oil market to remain well-supplied in 2024. This will cushion any impact from potentially protracted or escalated disruptions. IEA forecasts global oil demand growth to moderate to 1.2MMbpd in 2024 due to reduced world economic growth and China’s slower oil consumption growth. We expect continued healthy supply growth, supported by non-OPEC producers.
Our TTF gas price assumption for 2024 of USD12/mcf is unchanged. About 8% of global liquefied natural gas (LNG) trade is shipped via the Suez Canal. While LNG accounted for about 42% of EU gas imports in 2023, just under half of LNG imports came from the US, with Qatar accounting for 13%. We do not expect Qatar LNG re-routing around Africa in the short term, nor redirecting of US LNG flows to Europe and Qatar LNG to Asia, even if tensions in the Red Sea continue to affect supply.
Disruptions spreading to the Strait of Hormuz, a key global oil and gas transport route that shipped 20.5 MMbpd of oil in 1H23 (27% of global seaborne oil trade), or the crisis affecting oil and gas production volumes, would create more tangible repercussions for global oil and gas markets, with more sustained price increases.
Market conditions in European chemicals, which are dependent on Asian imports, have already fallen from top-of-the-cycle to below mid-cycle, driven by the slowdown in the global economy and destocking across the chemical supply chain. The sector may be further affected by supply disruptions due to delayed shipments via the Red Sea.
Fertiliser exports through the Red Sea account for about 7% of the global potash market, and around 5% of the world phosphate rock market. There have been few reports of fertiliser vessels being affected by attacks, while fertiliser exporters Israel’s ICL and Jordan’s APC reported normal operations from their Red Sea ports of Eilat and Aqaba, according to CRU. Shipping costs account for about 10% of fertiliser prices, and therefore rising freight rates will add pressure on profitability.
Source: Fitch Ratings
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Friday, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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Showing 41 to 45 news of total 6871 |
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- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- PTC India Limited - India
- Chamber of Mines of South Africa
- Australian Coal Association
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Planning Commission, India
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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