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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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Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 08 October 18
KOMIPO INVITES BIDS FOR 520,000 TONS OF COLOMBIAN ORIGIN OF 5,700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Colombian origin ...
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- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
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