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