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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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Saturday, 28 July 18
GOVERNMENT TO REVOKE COAL PRICE CAP POLICY - JP
The government plans to revise its domestic market obligation (DMO) on coal price next week during a high-level meeting with President Joko “ ...
Thursday, 26 July 18
A SUPRAMAX IS NOW PAID AROUND USD 21,500 FOR LOADING IN THE US GULF WITH DISCHARGE IN THE FAR EAST - FEARNLEYS
Cape
There has been a relatively strong summer period so far, and there is a strong week we have left behind us.
In the Pa ...
Thursday, 26 July 18
ASEAN COAL IMPORTS INCREASED IN 2Q' 18 COMPARED TO THE PRIOR YEAR; THIS TREND TO CONTINUE AS 56 GIGAWATTS OF NEW COAL PLANTS IN 24 COUNTRIES WORLDWIDE ARE EXPECTED TO COME ONLINE IN 2018 - PEABODY
Peabody announced its second quarter 2018 operating results, including revenues of $1.31 billion, income from continuing operations, net of income ...
Wednesday, 25 July 18
COAL MINER BUKIT ASAM'S PROFIT GROWS 50% IN FIRST HALF - JP
Coal miner Bukit Asam announced 50 percent profit growth to Rp 2.58 trillion (US$177.33 million) in the first half of 2018, on the back of a coal-p ...
Wednesday, 25 July 18
TANKER MARKET INSIGHT - DIMITRIS KOURTESIS
We are now into the second half of 2018, which so far has not been a fruitful year for tankers. With 2020 quickly approaching we need to consider t ...
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- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
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