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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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Monday, 29 October 18
SUPRAMAX: THE ASIAN AREA SAW FALLING RATES, WITH A 61,000DWT FIXING DELIVERY KOHSICHANG TRIP VIA INDONESIA, REDELIVERY INDIA, AT $10,500 - BALTIC BRIEFING
Capesize
A market of two halves for most of the week with rates in the Atlantic firming and easing in the East for most of the week, but then, ...
Friday, 26 October 18
SHIP OPERATING COSTS EXPECTED TO RISE IN 2018 AND 2019 - MOORE STEPHENS
Total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.
...
Friday, 26 October 18
SEVERAL CONTRACTIONS IN GLOBAL STEEL PRODUCTION - JEFFREY LANDSBERG
World Steel Association data released today shows that global crude steel production totaled approximately 151.7 million tons in September. T ...
Thursday, 25 October 18
WHAT DOES THE "IMO 2020" REGULATION REALLY SAY? A QUICK GUIDE - BIMCO
KNOWLEDGE TO ELEVATE
The shipping industry has all eyes firmly fixed on the topic, but what exactly do the “IMO 2020” global sulph ...
Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
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- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Planning Commission, India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
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