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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, 11 December 18
PORT OF NEWCASTLE SHIPPED 10.849 MMT OF COAL IN NOVEMBER DOWN 23.44 PERCENT MOM
COALspot.com: The Port of Newcastle, Australia’s major trading port and the world’s largest coal export port has shipped A$ 1,574.8 mil ...
Thursday, 06 December 18
IN THE EAST, BIGGER SUPRA WAS FIXED CA US$ 10K FOR INDO-CHINA COAL ROUND - FEARNLEYS
Capesize
There is cautious optimism for the Capes, with healthier volumes and improving rates in the Pacific. West Australia round is gradually ...
Thursday, 06 December 18
U.S. COAL CONSUMPTION IN 2018 EXPECTED TO BE THE LOWEST IN 39 YEARS - EIA
EIA expects total U.S. coal consumption in 2018 to fall to 691 million short tons (MMst), a 4% decline from 2017 and the lowest level since 1979. U ...
Thursday, 06 December 18
DEMAND RISKS WEIGH ON GLOBAL SHIPPING SECTOR OUTLOOK - FITCH RATINGS
The global shipping sector outlook remains negative reflecting the demand-side risks of protectionism and slower economic growth, Fitch Ratings say ...
Thursday, 06 December 18
CHINA REVISES MANAGEMENT RULES ON ESTABLISHMENT OF FULLY FOREIGN-OWNED SHIPPING BUSINESSES - XINHUA
Foreign shipping companies will find it easier to establish wholly-owned subsidiaries in China thanks to a revised regulation due to take effect on ...
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- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
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