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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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Thursday, 17 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country’s ...
Wednesday, 16 October 19
INDIA CALLS FOR A RESET OF CLIMATE DEBATE ON COAL AS A FUEL - LIVEMINT
India on Tuesday called for a reset on climate debate on coal as a fuel, in the backdrop of India becoming one of the top renewable energy producer ...
Wednesday, 16 October 19
LESSONS LEARNT FROM CREW INJURED IN HEAVY WEATHER - UK P&I CLUB COMMENTS
KNOWLEDGE TO ELEVATE
Stuart Edmonston, Loss Prevention at UK P&I Club, discusses an incident in which crew were injured whilst on deck in ...
Wednesday, 16 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
In perhaps the most interesting market conditions of the past years, the tanker and the dry bulk industry have created a positive sentiment with re ...
Tuesday, 15 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country's Co ...
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- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- The University of Queensland
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
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