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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, 24 October 18
CHINESE POWER PLANT STOCKPILES AT HIGHEST LEVEL SINCE 2015 - JEFFREY LANDSBERG
Chinese power plant coal stockpiles have climbed to approximately 83.3 million tons as of the middle of this month, said Jeffrey Landsberg in his e ...
Tuesday, 23 October 18
WILL THE U.S. COAL DECLINE CONTINUE? - FORBES
What’s Trump’s new coal proposal?
Adding to its controversial plan to leverage federal authority to keep retiring baselo ...
Monday, 22 October 18
CONTINUED HIGH LNG PRICES; TRADE WAR IMPACT LIMITED - FITCH RATINGS
Fitch Ratings expects sustained high spot liquefied natural gas (LNG) and contract prices over the next two quarters on limited investment in LNG e ...
Monday, 22 October 18
WINTER OIL MARKET OUTLOOK - OPEC
The oil market in the winter season is generally characterized by demand for diesel, particularly in the northern hemisphere, leaving product marke ...
Saturday, 20 October 18
PANAMAX: THE PACIFIC SAW A LARGE VOLUME OF FIXING, WITH INDONESIA AGAIN THE DRIVING FORCE - THE BALTIC BRIEFING
Capesize
A positive end to last week after a shaky start, with a Coaltrans taking participants out of the market early on and with rates slippi ...
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- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Australian Coal Association
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Commonwealth Bank - Australia
- The University of Queensland
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
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