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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
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