THE FINAL COUNTDOWN TO IMO 2020 – IS YOUR COMPANY READY?

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S&P Global Platts

Platts Webinar: The Final Countdown To IMO 2020 – Is Your Company Ready?

The implementation by the IMO of new tighter global bunker specifications is just around the corner in 2020 and will be one of the most disruptive changes to ever affect the refining and shipping industries. It will have a global impact in excess of $1 trillion over 5 years.

Platts Analytics (led by Rick Joswick) has just completed an extensive study on IMO 2020 to understand the impact on refining, the shipping industry and many other ripple effects across the entire value chain.

The study and complementary data go into details and insights on the following:

  • The impact of non-compliance, rate of installation of scrubbers and amount of fuel switching to low sulphur fuel oil, gasoil or LNG

  • The associated blends and consequences on the balance of products to meet the new specification

  • Refiners' response to increase complex capacity utilisation to maximise destruction of residues and actions to meet the short-fall in distillates

  • The associated implications of changes to refinery operations on other products streams and chemicals

  • Detailed description on surplus HSFO disposition and impact on market structure

  • Most likely consequences on flat price and impact on clean and dirty product cracks and spreads between now and 2025

  • Comparison of our outlook with forward curves

  • Impact on light-heavy crude differentials

  • Associated tensions for shipping costs, arbitrages, global trade and the economy

Join us for our Platts Webinar 'The Final Countdown to IMO 2020 – Is Your Company Ready' where we will be presenting the key highlights of our study.


Speakers

Chris Midgley

Chris Midgley

Head of Global Analytics
S&P Global Platts

Richard L. Joswick

Richard L. Joswick

Managing Director, Oil Analytics
S&P Global Platts

TIME UNTIL EVENT


Speakers

Chris Midgley

Chris Midgley

Head of Global Analytics, S&P Global Platts

Chris joined S&P Global Platts as the Head of Global Analytics and member of the Executive Committee. He has over 25 years' experience in the oil industry starting his career engineering design and manufacturing with Exxon having gained degree in Chemical Engineering. In 1997 he joined Shell where he held a number of roles in Supply & Trading based both in Europe and Australia including heading up their Fuel Oil Trading Team. He spent five years in Strategy running Shell's Downstream Management Consultancy and as Senior Strategy Adviser for Cost Reduction and Joint Venture Excellence.

In his most recent role before joining S&P Global Platts, he was Chief Economist to Shell Trading and Head of Oil Markets Analysis, where he advised business on short-term dynamics effecting Global Oil Markets in order to develop Trading Strategies. He led a team which model the future crude, oil products and chemicals trends in order to provide fundamentals and pricing to support strategic planning, and capital investment decisions across the Group. His most recent work included developing a Future Mobility Strategy for the Group and articulating the fundamental which will influence the Energy Transition.


Richard L. Joswick

Richard L. Joswick

Managing Director, Oil Analytics, S&P Global Platts

Rick Joswick develops outlook for crude and product pricing, refinery margins, and inter-regional supply balances for Platts Analytics. He is the lead consultant for the Oil Producer Marketing Service (OPMS). Rick authors Platts Analytics PIRA's monthly European Oil Market Forecast. He led the development of a series of multi-client studies examining product markets: including Bottom of the Barrel: The Future for Residual Fuel Oil; Heart of the Barrel: The Future of Middle Distillate Fuels; Top of the Barrel: The Future for Gasoline, Naphtha, and LPG, and recently the IMO Bunker Spec Change report. Rick joined PIRA, now part of Platts Analytics, in 2004 after 20 years with ExxonMobil in supply logistics, planning, refining, and engineering. During his time at ExxonMobil, he had assignments developing near-term oil market forecasts, designing heavy oil upgrading processes and evaluating refining economics. Rick has M.S. and B.S. degrees from Rutgers University in chemical engineering.

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