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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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Thursday, 16 January 20
SUPRAMAX: INDO/CHINA ROUND VOYAGE FIXING AROUND LOW/MID USD 6,000 BSS APS INDO - FEARNLEYS
Capesize
Still very rough seas for the big ships, with the majority of the fleet trading Far East or fronthaul and consequently earning far les ...
Wednesday, 15 January 20
ASIA PACIFIC GAS AND LNG - 6 THEMES TO WATCH IN 2020 - WOOD MACKENZIE
NEWS RELEASE
Wood Mackenzie has identified six themes that will impact Asia Pacific’s gas and LNG markets in 2020
Asian LNG spot pr ...
Wednesday, 15 January 20
PREDICTIONS FOR 2020: 'SLOWBALISATION" IS THE NEW GLOBALISATION - PWC
Projecting what the future holds is an important exercise for businesses looking to plan ahead. Below we present a summary of some of the themes we ...
Wednesday, 15 January 20
SHIPPING MARKET INSIGHT - INERMODAL
Happy New Year and all the best for IMO 2020 !!
The early days of IMO 2020 coming into force have certainly had an impact on the indus ...
Tuesday, 14 January 20
SOLAS AMENDMENTS ENTERING INTO FORCE 1 JANUARY 2020 - STANDARD CLUB
While the latest amendments to MARPOL annex VI which entered into force on 1 January 2020 limiting the SOx emissions from ships has been the centre ...
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- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
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