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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
...
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- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- White Energy Company Limited
- New Zealand Coal & Carbon
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
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