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Wednesday, 06 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
 With less than two months before the end of the year, the shipping and refining industries have already taken measures and invested to accommodate the IMO 2020 regulations. As the implementation date for the 0.5% sulphur cap approaches, the U.S. EIA expects that the swing in petroleum product pricing will be most acute in 2020 and the effects on prices will be moderate after that. However, the regulations will inevitably affect petroleum supply, demand, and trade flows on a long-term basis while shipowners, operators and charterers around the world are carefully preparing marine fuel supplies ahead.
As already extensively analysed operators of vessels have a few options, from switching to a lower-sulphur fuel or installing scrubbers to even switching to nonpetroleum-based fuels, such as liquefied natural gas (LNG). To enable a prosperous transition the industry demands increased on-board operational expertise and detailed product knowledge both on the supplying and the receiving vessel. Originally MGO was declared the primary winner since most of the bunker products did not met the sulphur content limit of 0.5%. However, with less than two months ahead of the implementation, it seems that the scale of the MGO demand swipe will not be as great as expected. In its place, very-low sulfur fuel oil (VLSFO) has been developed as a dark horse to challenge MGO as a stand-in for high-sulfur fuel oil, with a 3.5% sulfur limit, when the switch is activated.
VLSFO is already available in various locations across Asia, Middle East, Africa and the Americas as of mid-October, while it will be made available to additional ports during November and December. Even though demand up until recently has not been as high we are now seeing both supply and demand rapidly increasing. During the first half of October, supply of VLSFO surpassed demand in many areas and as argued by suppliers, this is because ship-owners that initially wanted to start bunkering VLSFO postponed their purchases for November and December. The market disturbance caused by the transition to IMO 2020 is apparent as the supply side of HSFO has begun running down stocks. Furthermore, tank barges that have been stowing HSFO are being taken out of service to be cleaned and get readied for VLSFO or MGO. Concurrently, suppliers and traders are reluctant to substitute HSFO stocks as they anticipate rapidly declining demand towards the end of 2019. This reduced supply capacity comes at a time when shipping still needs fuel, and the vast majority of bunker demand is still for HSFO.
To conclude, the transition to the 0.50% sulphur limit will cause disruption and more volatility than usual for a while but the market will eventually adapt as it always does. Worldwide, the shipping industry was primarily sceptical about the quality of VLSFO, but as 2020 approaches confidence for VLSFO grows among market members. Operators are projected to lean towards the lower cost option that will replace the 3.6 million barrels per day of HSFO that the shipping industry currently consumes. There is still speculation rather than solid fact about the price differential between high sulphur fuel and VLSFO price in the beginning of 2020, with some analysts predicting a potential range of $40-$200 between the two grades.
By Katerina Restis
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
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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Wednesday, 13 November 19
INDONESIAN NOVEMBER COAL PRICE REFERENCE LOGS FIRST GAIN SINCE AUGUST
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Wednesday, 13 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
The improvements seen in the dry bulk market during the unexpectedly strong Q3 brought enthusiasm and optimism for a last quarter rally. Indeed as ...
Tuesday, 12 November 19
COAL IMPORTS AT MAJOR PORTS SLIP 18 PC TO 51 MT IN APRIL-OCTOBER - ECONOMIC TIMES
The Indian Ports Association (IPA), which maintains cargo data handled by these 12 ports, in its recent report, said "percentage variation fro ...
Monday, 11 November 19
EMINENT MARITIME ORGANIZATIONS AND INDIVIDUALS WERE HONORED
SHIPTEK 2019 Anchors in Greece for its 12th edition.
Eminent Maritime Organizations and Individuals were honored
Greec ...
Monday, 04 November 19
COAL INDIA'S OCTOBER PRODUCTION MAY FALL 20% - PTI
Coal India’s production in October is likely to be 19-20 per cent lower at about 40 million tonne, as compared to 49.77 million tonne produce ...
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- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- The University of Queensland
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
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