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