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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
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