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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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Thursday, 21 March 19
PRICE PLUNGE AS CHINESE LEAVE THERMAL COAL OUT IN THE COLD - AUSTRALIAN FINANCIAL REVIEW
Thermal coal exporter New Hope Corporation says China’s shipment squeeze on Australia is putting downward pressure on prices in all markets i ...
Wednesday, 20 March 19
COAL EXPORT FEARS RESURFACE AS RESTRICTIONS HIT MORE CHINESE PORTS AND AUSTRALIAN PRICES COP A 'BELTING' - ABC
Australian thermal coal exports to China are under increasing pressure, with indications import restrictions are spreading to other key ports.
...
Monday, 18 March 19
A 56,000DWT SHIP FIXED DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY CHINA, AT $10,000 - BALTIC BRIEFING
Capesize
The Baltic Capesize market shrugged off its recent negative sentiment to post daily incremental improvements over the last week. Pacif ...
Saturday, 16 March 19
AUSTRALIAN COAL STILL FACING CHINESE DELAY - AAP
Australian coal exports to China are still facing delays, with protectionism and environmental checks blamed for the slowdown.
Coal ...
Thursday, 14 March 19
SUPRAMAX: INDO COAL CARGOES GETTING FIXED AT AROUND US$ 12000 TO CHINA - FEARNLEYS
Capesize
Average daily earning still well below operating costs, and owners keep bleeding - but nevertheless finally some bright spots for the ...
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- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- The University of Queensland
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
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