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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, 11 September 19
THE INDONESIAN COAL PRICE REFERENCE FELL HEAVILY IN SEPTEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 11 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
We are going through one of the rare instances where we see optimism building in the dry bulk industry and, as the momentum is still going, the bel ...
Monday, 09 September 19
INDIAN COMPANIES READY TO INVEST IN DEVELOPMENT OF NEW COAL DEPOSITS IN RUSSIA'S YAKUTIA - TASS
Indian metallurgical companies, which received trial batches of coal from Kolmar mining company, are satisfied with the quality of the products and ...
Monday, 09 September 19
COLOMBIA COAL OUTPUT DOWN YEAR-ON-YEAR IN 2ND QUARTER - REUTERS
Colombia, the world’s fifth-largest exporter of coal, produced 18.9 million tonnes of the fuel in the second quarter, down 4.5% from the same ...
Monday, 09 September 19
ULTRAMAX: ASIA A 58,000-TONNER FIXED DELIVERY FUZHOU, VIA INDONESIA, REDELIVERY CHINA, AT $12,800
Capesize
0px The market reached new heights this week as the 5TC topped $38,014, a level not seen in the sector since 2013. Fridays 5TC closed ...
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- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- The University of Queensland
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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