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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, 31 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
It was a fairly busy week in the dry S&P market. Despite the ease of Capesize rates which impacted Panamaxes as well, interest from potential b ...
Sunday, 28 July 19
ULTRAMAX - INDONESIAN COAL CARGOES SAW A 63,000DWT SHIP FIXING DELIVERY FOR A SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY CHINA, AT $11,700 - BALTIC BRIEFING
Capesize
The market was a white knuckled ride this past week as a large downside movement shed value quickly leaving many in bewilderment. The ...
Wednesday, 24 July 19
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.27 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.78 points Monday, down 0.27 percent week on week.
The index, released by Chi ...
Wednesday, 24 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
Tonnes of ink has been spent analysing the rebound of the dry bulk market the last weeks with the most representative example being the rising perf ...
Wednesday, 24 July 19
COAL'S DEMISE QUICKENS IN EUROPE AS MARKET SHIFT IDLES PLANTS - BLOOMBERG
Commodity markets are stripping away the case for coal in Europe, moving quicker than government efforts to close the most polluting power plants.
...
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- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Bhatia International Limited - India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- PTC India Limited - India
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- The University of Queensland
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
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