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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, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Thai Mozambique Logistica
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Planning Commission, India
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
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