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