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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Economic Council, Georgia
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- PTC India Limited - India
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Planning Commission, India
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
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