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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, 06 February 19
FEBRUARY 2019 INDONESIA'S COAL REFERENCE PRICE FELL 8.83 PERCENT YOY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Wednesday, 06 February 19
THE BDI HAS EASED BACK TO 645 BP, ITS LOWEST LEVEL SINCE AUGUST 2016 - ALLIED
The dry bulk sector is in the doldrums, with most market participants seemingly left utterly perplexed, and simultaneously, in pursuit of any posit ...
Monday, 04 February 19
COAL STILL IN HIGH DEMAND GLOBALLY
Although the world is switching to renewable energy there is still a big demand for coal around the globe.
This is according to Cany ...
Friday, 01 February 19
ULTRAMAX WAS FIXED DELIVERY KALIMANTAN, FOR TRIP TO WEST COAST INDIA AT $7,000 - BALTIC BRIEFING
Capesize
The Vale dam tragedy sparked a sharp fall in rates across all regions even where tonnage remained tight. The potential loss of product ...
Friday, 01 February 19
SEMBCORP SELECTS NORDEN FOR LONG-TERM INDIAN CONTRACT
NORDEN A/S has signed a 10-year Panamax Contract of Affreightment (COA) with Indian utility firm Sembcorp Energy India Ltd.
From 1 A ...
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- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- The University of Queensland
- Baramulti Group, Indonesia
- White Energy Company Limited
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- VISA Power Limited - India
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
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