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Wednesday, 18 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
 As we all know very well by now, the reduction in the maximum allowable sulphur content of marine fuels in 2020 is likely to have a massive impact for many in the industry. Shipowners will need to make tough decisions on how their vessels will comply with the new limit, charterers who buy fuel will need to know how it will economically affect them and seafarers will have the ultimate challenge of ensuring vessels continue to run safely and efficiently.
There are several options on how to comply with the sulphur cap. As well as the various fuel choices on offer, there are abatement technologies such as scrubbers EGCS (Exhaust Gas Cleaning Systems). A shipowner’s choice will depend on a number of factors and influencing the decision will be the inevitable gamble on what the availability and price of fuel will be post-2020. What will be certain is that there will be economic and commercial impacts.
Of course even shipowners in the offshore and deep sea oceangoing towage markets will also face similar concerns. Despite the fact that a large portion of the market was already burning distillates, the oceangoing long distance range tugs will face some very difficult economics and important decisions to make on how to comply with these stringent requirements. First class operators are also in certain cases not keen that the VLSMGO fuels are compatible and safe to use in particular tug engines. In general, there are several options available to a shipowner that will allow compliance with the 2020 global sulphur cap. There are pros and cons with each, as discussed extensively during 2019. Mostly concerning fuel availability, on-board fuel management, capital and operational expenditure as well as maintenance requirements. It is not a simple choice and the decision on what method of compliance is best depends on a number of factors, such as vessel type, trading area and remaining service life. The proportion of time spent within emission control areas (ECA) should be also considered together with the impact of changing over fuels when entering/leaving these areas. The 0.1% sulphur cap currently in operation within the ECAs will remain in force and it is possible that new ECAs may emerge in the coming years. For some vessels in particular, the best solution might be multi-fuel, such as having the ability to burn LNG or distillates, depending on the availability of each.
A number of producers have developed or are developing compliant products which are heavier than MGO and MDO but lighter than the residual fuel oils that are currently used. Some are specially-produced products and are commonly referred to as ‘hybrid’ fuels. Other products are the result of blending, producing a heavy distillate or light residual blend. It may be possible that a 0.5%S residual fuel (e.g. 380cst) could be produced from either refining sweet crudes or from sour crudes undergoing a desulphurization process. But there are currently no plans to make this widely available as a marine fuel.
In any case it is clear that the new landscape will take shape and form during the entire first semester of 2019. The first quarter of 2020 will indicate the new trends and the new overall status in the market, but I believe it will take at least 6 months or more till we get to understand the real new dynamics and status of options.
By Christopher Whitty
Director, Towage and Port Agency Division
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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Marubeni Corporation - India
- Economic Council, Georgia
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- The University of Queensland
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
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