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Wednesday, 30 May 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
 Among several hot topics that will be discussed during the Posidonia week, the International Maritime Organization regulation that will be enforced on Jan 2020 and calls for ships to reduce the maximum sulphur content of their fuels to 0.5 percent, will definitely be on the spotlight. The fuel discussion becomes even more interesting following the recent oil rally that drove global benchmark Brent to the highest level late 2014, near 80usd last week before settling back to around 75usd. According to Morgan Stanley’s latest report, besides key fundamentals and political externalities, oil prices will be severely impacted as new international shipping regulations takes effect, overhauling the types of fuels produced by refiners, and will push Brent crude reaching $90 a barrel by 2020. An increase in demand of low sulphur fuels will hike demand of middle distillate products (diesel and marine gasoil), that will result a significant need for more crude; this will drive crack spreads higher and will boost oil prices. Consequently, several hybrid fuels (Ultra low sulphur Fuel oils) will be marketed by refineries and traders; however they have several red flags (compatibility issues among others). Hence, it seems very unlikely that refiners, traders and bunker suppliers will manage to market a "one spec fits all" low sulphur fuel oil product. This will create an oversupply of high sulphur fuel oil that is expected to put pressure on refineries to produce more distillate fuels.
Data from the report suggests that middle distillate markets are already pretty tight in matters of supply; i.e. diesel and gasoil stockpiles in key storage hubs in Europe, the U.S. and Asia are currently below their 5-yr seasonal averages. At the same time, demand for these distillates is growing annually by 600k barrels/day since 2011, accelerating to 800,000 barrels/day in recent quarters. According to recent studies, the IMO regulation is expected to boost demand by an additional 1.5 million barrels/day by 2020, which should boost crude prices. While global crude production will most likely rise, it probably won’t increase by the 5.7 million barrels/day needed by 2020 to meet the additional demand for fuels. Since current fundamentals as well as the IMO regulation impact point to higher bunker prices, speed & consumptions of ships are once again on the spotlight. Consequently, the instalment (or not) of scrubbers is already a big debate among owners and charterers. If the above analysis is proven correct, and a sudden increase in demand of middle distillates is combined with tight distillate product supply as well as high crude oil prices and an oversupply of high sulphur fuel oil, then the price differential between low sulphur marine gasoil and high sulphur fuel oil will be definitely significant. The question is how long will a large price gap exist for and if it will suffice for the payback of the initial investment cost to install a scrubber. In other words, will this price differential incentivize refiners to invest in high cost cocker installations and upgrade their current infrastructure and how long will this process take.
Amid the high cost of bunkers post 2020, charterers will most likely request owners to slow steam; whereas ships with scrubbers will enjoy the flexibility and maximize ton-mile revenue. Similarly, if the majority of the fleet is slow steaming, and in combination with a possible increase of scrapping tonnage that can’t adapt on the new environmental regulations, we see less vessels competing over cargos; that will probably drive the market upwards. All in all, although the advantages of installing scrubbers especially on thirsty ships are clear, we see only a few owners and newbuilding orders that include scrubbers on board, with the vast majority of orders being “scrubber ready”. Our feeling is that due to current market condition, most owners adopt a “wait and see approach” and currently hold their horses.
By Ilias M. Lalaounis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 07 May 18
SOUTH KOREA STATE-OWNED UTILITY KOREA MIDLAND POWER ISSUED A TENDER FOR 1 MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 mt of min. 5700 NAR coal of Australian origi ...
Monday, 07 May 18
GLOBAL COAL DEMAND ROSE ABOUT 1% IN 2017; ASIA ACCOUNTED FOR THE LARGEST INCREASE IN COAL DEMAND, UP 35 MTOE RELATIVE TO 2016 - IEA
Global coal demand rose about 1% in 2017, reversing the declining trend seen over the last two years. This growth was mainly due to demand in Asia, ...
Friday, 04 May 18
ELECTRICITY GENERATION FROM RENEWABLES WAS SECOND ONLY TO COAL IN 2017 - IEA
World electricity demand increased by 3.1 %, significantly higher than the overall increase in energy demand. Together, China and India accounted f ...
Thursday, 03 May 18
SUPRAMAX: INDO - CHINA COAL ROUNDS ARE PAYING IN THE LOW-MID $12000 BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
As expected a slow and uneventful start to the week with holidays in many countries, however by mid-week some fresh requirements and pos ...
Tuesday, 01 May 18
SUPRAMAX: COAL RUNS, A 61,000-DWT WAS FIXED BASIS DELIVERY SURABAYA, FOR A TRIP VIA INDONESIA, RE-DELIVERY INDIA AT $15,000 - BALTIC BRIEFING
Capesize
Rates eased in the East, as the week closed out with the momentum slowing. Levels on the key West Australia/China run dropped to $7.25 ...
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Showing 1726 to 1730 news of total 6871 |
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- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Economic Council, Georgia
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- The University of Queensland
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- PTC India Limited - India
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
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