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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, 06 February 19
FEBRUARY 2019 INDONESIA'S COAL REFERENCE PRICE FELL 8.83 PERCENT YOY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Wednesday, 06 February 19
THE BDI HAS EASED BACK TO 645 BP, ITS LOWEST LEVEL SINCE AUGUST 2016 - ALLIED
The dry bulk sector is in the doldrums, with most market participants seemingly left utterly perplexed, and simultaneously, in pursuit of any posit ...
Monday, 04 February 19
COAL STILL IN HIGH DEMAND GLOBALLY
Although the world is switching to renewable energy there is still a big demand for coal around the globe.
This is according to Cany ...
Friday, 01 February 19
ULTRAMAX WAS FIXED DELIVERY KALIMANTAN, FOR TRIP TO WEST COAST INDIA AT $7,000 - BALTIC BRIEFING
Capesize
The Vale dam tragedy sparked a sharp fall in rates across all regions even where tonnage remained tight. The potential loss of product ...
Friday, 01 February 19
SEMBCORP SELECTS NORDEN FOR LONG-TERM INDIAN CONTRACT
NORDEN A/S has signed a 10-year Panamax Contract of Affreightment (COA) with Indian utility firm Sembcorp Energy India Ltd.
From 1 A ...
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- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- White Energy Company Limited
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- PTC India Limited - India
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- The University of Queensland
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
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