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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, 17 April 19
ONCE AGAIN WE FACED WITH THE SITUATION OF THE DRY BALTIC INDEX BEING BELOW 1,000 POINTS - INTERMODAL
Once again we are faced with the situation of the Dry Baltic Index being below 1,000 points. In a market where the feeling of insecurity is almost ...
Wednesday, 17 April 19
LNG WESTERN AFRICA CONFERENCE 2019
The only LNG Focus Platform to Accelerate Investment and Cooperation in Western African Countries
LNG Western Africa Conference 2019 ...
Saturday, 13 April 19
IMO 2020 - DON'T SCRUB IT! - IVAR MYKLEBUST
KNOWLEDGE TO ELEVATE
Höegh Autoliners stands firm on its decision not to implement scrubbers but comply with the IMO 2020 regulations by ...
Saturday, 13 April 19
CAPESIZE: WEST AUSTRALIA TO CHINA IRON ORE CARGOES LIFTING FROM $4.60 PMT TO ABOVE $5.00 - BALTIC BRIEFING
Capesize
The market saw a steep ascent from the depths of last week. The Baltic Capesize Index (BCI) 5TC opened on Monday at $5,099, although b ...
Friday, 12 April 19
OIL MARKET REPORT: MIXED SIGNALS - IEA
The huge increase in oil production we saw in 2H18 has reversed following the implementation of the new Vienna Agreement and the increasing effecti ...
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Showing 1416 to 1420 news of total 6871 |
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
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