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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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Tuesday, 18 December 18
COAL OUTLOOK BULLISH DESPITE WEAK CHINESE IMPORT DATA - HEREN, ICIS
Coal prices may appreciate over the remainder of 2018 even despite recent data showing falling imports from the world’s largest producer and ...
Tuesday, 18 December 18
TOBA BARA ACQUIRES SHARES OF PT BATU HITAM PERKASA
PT Toba Bara Sejahtra Tbk, through its subsidiary PT Toba Bara Energi (“TBE”), has acquired shares ...
Monday, 17 December 18
SUPRAMAX THERE WAS STRONGER DEMAND FROM SOUTHEAST ASIA, WITH MORE COAL BEING SHIPPED - BALTIC BRIEFING
Capesize
A positive end to last week after a somewhat uncertain start as some gains made were eroded. Rates recovered later for West Australia/ ...
Monday, 17 December 18
SOUTH KOREA STATE-OWNED UTILITY KOREA EAST-WEST POWER CO. LTD ISSUED A TENDER FOR MAX 3.220 MILLION TONS OF 4200 TO 5900 NAR COAL
COALspot.com: South Korea state-owned utility Korea East-West Power Co. Ltd (EWP) issued a tender for max 3,220,000 Metric Tons of coal to be loade ...
Saturday, 15 December 18
COMING CHANGES IN MARINE FUEL SULFUR LIMITS WILL AFFECT GLOBAL OIL MARKETS - EIA
International regulations limiting sulfur in fuels for ocean-going vessels, set to take effect in January 2020, have implications for vessel operat ...
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- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Australian Coal Association
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
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