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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, 24 July 18
TANKER MARKET : IN TERMS OF TRADE, THE STEPS THAT WERE SLOWLY BEING TAKEN BY OPEC AND RUSSIA - GEORGE LAZARIDIS
Despite the fact that the tanker market still seems to be in the midst of a perfect storm, there are still strong indicators that better sailing da ...
Thursday, 19 July 18
VINACOMIN PRODUCES OVER 20 MLN TONNES OF RAW COAL FROM YEAR'S START - VNA
The Vietnam National Coal and Mineral Industries Group (Vinacomin) has produced over 20 million tonnes of raw coal and 19.3 million of clean coal f ...
Wednesday, 18 July 18
INDONESIA TO AUCTION 16 MINING SITES - JP
Indonesia will soon auction 16 mining sites as no proposal submissions have been submitted by state-owned enterprises (BUMN) and regional administr ...
Wednesday, 18 July 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
The new regulations for Chinese flag restricting import of Tier I ships have dominated market sentiment during the past days as buyers have been tr ...
Thursday, 12 July 18
SUPRAMAX: INDO/CHINA COAL RV IS BEING FIXED AROUND USD 10500 BSS SINGAPORE - FEARNLEYS
Capesize
Cape market continue to be extremely volatile says Fearnleys in its latst weekly report.
The further noted that, last week ended wi ...
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- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Planning Commission, India
- Marubeni Corporation - India
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Energy Development Corp, Philippines
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- The University of Queensland
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
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