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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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Friday, 06 July 18
HOW FLEET SIZE, CORPORATE PROFILE AND STRATEGY ARE DECIDING FACTORS IN SELECTING AN APPROPRIATE FINANCING STRATEGY - PWC
KNOWLEDGE TO ELEVATE
The challenges that shipping companies are facing when selecting an appropriate financing strategy during the current per ...
Friday, 06 July 18
INDIA: GOVT TO RELAX CURBS ON INDIAN FIRMS CHARTERING FOREIGN SHIPS - HINDU BUSINESS LINE
The Ministry of Shipping is clearly in reform mode. On the heels of the recent relaxation of the cabotage law, which allows foreign flag vessels to ...
Friday, 06 July 18
AUSTRALIAN NEWCASTLE SPOT COAL PRICES HIT $120 FOR 1ST TIME SINCE 2012 - REUTERS
Australian thermal coal prices have broken through $120 per tonne for the first time since 2012, driven up by strong consumption in Asia and spot m ...
Thursday, 05 July 18
WHAT THE FAILED GLENCORE-TOHOKU COAL TALKS MEAN FOR THE MARKET - REUTERS
Electric utilities in Japan and other Asian countries are driving blind when it comes to coal prices after the failure of Japan’s Tohoku Elec ...
Thursday, 05 July 18
INDONESIAN COAL PRICE REFERENCE HITS 74 MONTHS HIGH OF $104.65 A TON
COALspot.com: HBA keeps rising. According to latest ministerial decree No.1892 K/30/MEM/2018 dated 2 July 2018, the Indonesian Coal Price Reference ...
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- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- The University of Queensland
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- London Commodity Brokers - England
- White Energy Company Limited
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
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