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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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Thursday, 09 August 18
RIO TINTO COMPLETES SALE OF REMAINING COAL ASSETS
Rio Tinto has completed the sale of its remaining coal assets in Queensland, Australia, for $3.95 billion.
According to a noted post ...
Wednesday, 08 August 18
CHINA DEMANDS PREMIUM IRON ORE, COAL; MINERS MIXED IMPACT - FITCH RATINGS
China’s stricter environmental regulations and structural changes in its steelmaking industry boosts ongoing demand for high-quality iron ore ...
Wednesday, 08 August 18
SHIPPING MARKET INSIGHT - CHRISTOPHER WHITTY
Singapore's shipyard business has evolved over the decades, from shipbuilding and repairs to rig building. It's now evolving again, to cate ...
Friday, 03 August 18
PHEW! ASIA, EUROPE HEATWAVE PUSHES AUSTRALIA COAL PRICES TO 6-YEAR HIGH: REUTERS
Australian thermal coal prices have hit fresh six-year highs as a heatwave across the northern hemisphere has triggered a spike in demand for coal- ...
Friday, 03 August 18
HBA HAS RISEN 28.41 PER CENT IN A YEAR TO BE AT THEIR HIGHEST LEVELS SINCE JANUARY 2012
COALspot.com: The benchmark price of Indonesian thermal coal has risen 28.41 per cent in a year to be at their highest levels since January 2012.&n ...
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- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Parliament of New Zealand
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Planning Commission, India
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
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