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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, 22 August 18
KOMIPO INVITES BIDS FOR 480K TONS OF BITUMINOUS COAL FOR BORYEONG POWER PLANT & SHIN BORYEONG POWER PLANTS
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 480,000 mt of min. 5700 NAR coal of Australian origi ...
Wednesday, 22 August 18
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
During the most quite week of the summer period we witnessed a trade war between United States and Turkey. A battle, which started with the arrest ...
Monday, 20 August 18
SUPRAMAX: OVERALL IT WAS A POSITIVE WEEK FOR THE BSI INDEX WITH GAINS MADE - THE BALTIC BRIEFING
Capesize
A week of largely unfulfilled expectations with holidays again curbing activity. Rates remained essentially healthy, but despite bad wea ...
Friday, 17 August 18
DO ARBITRATION AGREEMENTS IN BILLS OF LADING BIND THEIR HOLDERS? - WFW
KNOWLEDGE TO ELEVATE
Bills of lading are a crucial part of the security package traditionally sought by trade finance providers.
...
Friday, 17 August 18
MALAYSIA'S MANJUNG 4 - WORLD COAL ASSOCIATION
According to the IEA’s Energy Access Outlook 2017 report, nearly all of those who gained access to electricity worldwide in the last 16 years ...
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- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
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