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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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- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Planning Commission, India
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
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