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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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Friday, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Australian Coal Association
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- PTC India Limited - India
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- The University of Queensland
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
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