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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, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
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 ...
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- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- PTC India Limited - India
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Wilmar Investment Holdings
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
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