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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, 26 September 19
INDIA INCREASES ITS ANNUAL COAL PRODUCTION BY 2.7% PER YEAR FROM 850 MILLION SHORT TONS IN 2018 TO 2 BILLION SHORT TONS BY 2050 - EIA
Worldwide coal production holds steady at about 8 billion short tons, or 160 quadrillion British thermal units (Btu), per year through 2040. Inc ...
Wednesday, 25 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
In the past five months there has been significant activity in the asset market with the dry bulk segment being by far the most volatile in terms o ...
Tuesday, 24 September 19
9TH ANNUAL SUPPLY CHAIN INNOVATION SUMMIT 2019 ASIA PACIFIC
Summit: 9th Annual Supply Chain Innovation Summit 2019 Asia Pacific
Host: Ace Events
Website: http: ...
Monday, 23 September 19
SUPRAMAX: THE ASIAN ARENA IT WAS A SLOW START, BUT DEMAND INCREASED AS THE WEEK WENT ON - BALTIC BRIEFING
Capesize
The market trended down over this past week, breaking the market out of its upward trending range. While the market traded sideways at ...
Monday, 23 September 19
CHINA RECORDS SLOWER GROWTH IN COAL PRODUCTION - XINHUA
The growth of China’s raw coal production slowed down in August, data from the National Bureau of Statistics (NBS) showed.
Aro ...
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- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- VISA Power Limited - India
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
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