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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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Monday, 08 April 19
CHEAP COAL SWELLS IN SOUTHEAST ASIA, FOILING GLOBAL GREEN PUSH - NIKKEI
Southeast Asian countries are turning to low-cost coal to satisfy their surging electricity demand as the West shies away from the fossil fuel unde ...
Monday, 08 April 19
SULPHUR 2020 - COUNTDOWN TO THE SWITCHOVER - LLOYD'S REGISTER
Sulphur 2020 (MARPOL Annex VI Reg. 14.1.3) is still dominating headlines and as we draw closer to the 1 January 2020 deadline it’s clear that ...
Monday, 08 April 19
INDONESIAN COAL PRICE REFERENCE PRICE PLUMMETS TO LOW NOT SEEN SINCE AUGUST 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Sunday, 07 April 19
SHIP PASSAGE PLANS - NO ROOM FOR ERROR! - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The English High Court’s judgment in Alize 1954 v Allianz Elementar Versicherungs AG (The CMA CGM Libra) is an impo ...
Sunday, 07 April 19
IMO 2020: READY OR NOT? - WOOD MACKENZIE
New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Marit ...
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- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- PTC India Limited - India
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Deloitte Consulting - India
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
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