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