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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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Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
Monday, 01 April 19
FORCE MAJEURE SUCCESS NOT A SEA CHANGE - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
It is difficult to successfully argue that contractual performance has been prevented or delayed by force majeure. This i ...
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Showing 1436 to 1440 news of total 6871 |
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- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- White Energy Company Limited
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
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