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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, 13 February 19
MALAYSIA WAS THE REGION'S LARGEST COAL IMPORTER WITH 34 MT IN 2018, UP 25% Y-O-Y
Although coal market in 2018 started with strong prices, starting in the beginning of the second half of 2018, the international spot prices for co ...
Wednesday, 13 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
If there is one word that can describe the current shipping environment then that this word is most probably “volatility.” The sentimen ...
Saturday, 09 February 19
SUPRAMAX: A 63,000-TONNER WAS REPORTED FIXED DELIVERY FOR AN EAST KALIMANTAN TRIP, REDELIVERY WEST COAST INDIA, AT $9,250 - THE BALTIC BRIEFING
Cape
The Vale disaster weighed heavily on the market for big ships, with uncertainty about shipments/future exports leading to a sharp drop in ...
Friday, 08 February 19
LOWER-QUALITY INDONESIA EXPORTS ROSE 39 MT IN 2018 YOY PRIMARILY IN RESPONSE TO INCREASED DEMAND FROM CHINA AND INDIA - PEABODY
"Underlying seaborne met and thermal coal conditions remain quite positive and the pace of U.S. coal-fueled power plant retirements is expecte ...
Thursday, 07 February 19
QATAR CAN GAIN FROM DECLINING COAL - THE PENINSULA
With North America and Europe closing down their old coal and nuclear plants, major gas exporters like Qatar can and should gain market share. With ...
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- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- PTC India Limited - India
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- The University of Queensland
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
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