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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, 05 December 18
WORLD COAL PRICES FALL, WITH INDONESIA BENCHMARK FOR DECEMBER, ENDING AT LOWEST SINCE JUNE 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 05 December 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
Is the rise in crude carrier rates driven only by seasonality, or is the recent positive reversal signaling the end of challenging days for the mar ...
Monday, 03 December 18
WCA'S ENGAGEMENT AT COP24 IN KATOWICE - WCA
The 24th Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC) will take place from the 2-14 December 2018 in K ...
Monday, 03 December 18
SUPRAMAX: FIXED DELIVERY KALIMANTAN TO WEST COAST INDIA, AT $11000 - THE BALTIC BRIEFING
Capesize
A roller-coaster week for the big ships with hopes soaring at the start for a mini last quarter revival, only to be dashed as the week ...
Sunday, 02 December 18
TRADE WAR LEADING TO HEADWINDS FOR THE FRAGILE DRY BULK RECOVERY - PETER SAND, BIMCO
The first twelve weeks of the 2018/19 marketing year, which started on 1 September 2018, have painted a dire picture for US soya bean exports which ...
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- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
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