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Tuesday, 11 December 18
SHIPPING MARKET ANALYSIS - ALLIED
 A lot of discussions have been made as to the effects of the IMO 2020 regulation on OPEX levels, investment feasibility of scrubbers and the benefits of alternative fuel usage. Aside from all of these, there is another reading to this new regulation. New oil products (ultra-low sulphur fuel oil) as well as the much larger quantities of MGO that will be needed from the shipping industry will reshape trade patterns around the globe. The first effect could well be depicted in crude oil trade due to shifts in refinery utilization, said Yiannis Vamvakas, Research Analyst of Allied Shipping in Allied latest weekly research report.
Specifically, demand for light sweet crude oil will move upward as it will be required from the non-upgraded refineries, while it is possible to see a negative trend in the demand for heavy sour grades. The second part is the need for redistribution of the low-sulphur fuels, in order to properly cover the global bunkering markets.
Yiannis Vamvakas further noted that, a side-effect to this could well be the requirement for floating storage for both clean (building of inventories), as well as dirty products (storage of the excess heavy fuel oil produced). Demand for HSFO is projected to recover in the long-term, as scrubber-equipped ships will continue using it. However, given that the IMO expects around 3,800 vessels to be fitted with scrubbers by 2020, it looks as though these vessels will remain a relatively small percentage of the global fleet. Many refineries have proceeded with their investment plans, adding capacity in order to produce more middle distillates, with the International Energy Agency (IEA) forecasting that an additional 7 million barrels per day will come into production by 2023.
However, Yiannis Vamvakas says, there are also several refineries that have not yet fully prepared for the IMO 2020 regulation, possible creating a shortfall of the required fuels in certain regions. All in all, the most modernized refineries with extensive vacuum resid processing capacity will benefit most from the new regulation, as they will be able to produce larger quantities of required fuels, gaining market share in the marine sector. Based on these facts, demand will increase in regions were the more modern refineries reside, modifying current trade routes. According to a Reuters survey, around 66% of 33 questioned refineries will continue produce HSFO in 2020, but 70% of these stated that they will reduce their output. A decline has already been reported in fuel oil inventories, depicting the fact that refineries have started to cut output in anticipation of the regulation. However, it’s worth mentioning that if output cuts prove to be bigger than the consumption fall, prices will see a significant upsurge. With regards to different geographical locations, most of the US refineries have been upgraded by the US shale boom, giving them a head start, but they are still dependent on heavy fuel imports, which is used for blending purposes. This means that further investments will be required for adding de-sulphurisation capacity.
In Europe, the report says, the coastal refineries are better prepared compared to their mainland peers, as their main oil source is crude from North and West Africa, regions with less sour oil. In Middle East and China, most of the refineries do not have the capacity of de-sulphurisation needed to produce the new low-sulphur fuels, making new investments necessary. In almost all cases a significant change is to take place in the shipping industry.
This change can be seen as a threat, an opportunity or as a combination of these two. The modification of crude oil/oil products trade flows should benefit owners and refineries that are flexible and adaptable enough for the new regulations, while it may be a significant threat for market participants that will choose to fall behind their competition Yiannis Vamvakas concluded in his latest report.
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Wednesday, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarte ...
Sunday, 26 May 19
SUPRAMAX: A LIMITED ACTIVITY WAS REPORTED, WITH THE UPCOMING INDONESIAN HOLIDAYS SLOWING COAL MOVEMENTS - BALTIC BRIEFING
Capesize
The past week marked one of the busier periods for Capesizes this year. With a subdued start due to a public holiday in Singapore on M ...
Wednesday, 22 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
The ship repair sector is showing a constant and gradual increase on the workload throughout the past months, with almost all the shipyards worldwi ...
Saturday, 18 May 19
SUPRAMAX: 56,000DWT OPEN PANJANG FIXING AT $10,500 FOR A TRIP VIA INDONESIA, AND REDELIVERY CHINA - BALTIC EXCHANGE
Capesize
The market continues to ebb and flow with a generally positive up trend. The Capesize 5TC opened with upward momentum from last week&r ...
Friday, 17 May 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Planning Commission, India
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Marubeni Corporation - India
- India Bulls Power Limited - India
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
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