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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, 04 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
For yet another time, the market seems to have its own drivers. After a very disappointing first half, the recent recovery in the shipping market i ...
Tuesday, 20 August 19
NORDEN HAS BEEN AWARDED A 3-YEAR CONTRACT FOR THE TRANSPORTATION OF COAL FROM INDONESIA TO HONG KONG
NORDEN has been awarded a 3-year contract with a power company in Hong Kong for the transportation of coal from Indonesia to Hong Kong.
...
Tuesday, 20 August 19
THE AUGUST 2019 INDONESIAN COAL PRICE REFERENCE POSTS THE FIRST MONTHLY GAIN SINCE AUGUST 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Monday, 19 August 19
INDONESIAN COAL RUNS, A 82,000DWT SHIP WAS FIXED DELIVERY CHINA VIA INDONESIA, REDELIVERY JAPAN, IN THE MID $16,000S - BALTIC BRIEFING
Capesize
The Capesize market was buoyant in both basins this week, posting gains across the board. After bottoming out the previous week, rates ...
Sunday, 11 August 19
ULTRAMAX: A 58,000DWT VESSEL OPEN KEMAMAN FIXED FOR TWO TO THREE LADEN LEGS, REDELIVERY SINGAPORE-JAPAN, AT $12,250 - BALTIC BRIEFING
Capesize
With typhoon Lekima gathering pace, numerous China ports were closed by the end of the week and will likely be for two to three days. ...
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- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Minerals Council of Australia
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Australian Coal Association
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Economic Council, Georgia
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
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