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