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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.
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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Planning Commission, India
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
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