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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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Friday, 30 November 18
GOVT MULLS REQUIRING MINERS TO TURN COAL INTO GAS - THE JAKARTA POST
The government is considering requiring all coal miners to turn the raw commodity into dimethylether (DME) as a substitute for liquefied petroleum ...
Friday, 30 November 18
SUPRAMAX: N. CHINA TO INDIA OR SE ASIA SUPRAS ARE GETTING PAID AROUND US$ 6000 - FEARNLEYS
Capesize
Sharp rise in spot activity and income, admittedly from very low levels, for the big ships. West Australia/China and Brazil/Far East b ...
Thursday, 29 November 18
NEW IMSBC CODE REQUIREMENTS AIM TO CONTROL LIQUEFACTION OF COAL CARGOES - GARD
KNOWLEDGE TO ELEVATE
The International Maritime Solid Bulk Cargoes (IMSBC) Code describes coal as a natural, solid, combustible material consi ...
Wednesday, 28 November 18
SHIPPING MARKET INSIGHT - GEORGE LAIOS
Last week I had the privilege to attend the SingularityU Greece Summit, in Athens. It was a privilege because you do not often have the chance to s ...
Tuesday, 27 November 18
PANAMAX AND SUPRAMAX INDICES WITNESSED A DECLINE OF JUST BELOW 14% IN THEIR MEAN ON A MONTH-ON-MONTH COMPARISON - ALLIED SHIPPING
A month of sharp corrections and great asymmetries for the dry bulk sector, with the overall overview of the market shipping rapidly from a state o ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Planning Commission, India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- The University of Queensland
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- PTC India Limited - India
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