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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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Tuesday, 14 January 20
MABUX: BUNKER MARKET THIS MORNING, JAN.14
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed insignificant and i ...
Tuesday, 14 January 20
SHIPPING MARKET ANALYSIS - ALLIED SHIPBROKING
Uncertainty in the global geopolitical sphere seems to have not come to an end along with 2019, as 2020 commenced with renewed tensions between the ...
Tuesday, 14 January 20
DRY BULK MARKET: "THIS IS NOT THE END OF COAL" SAYS IEA - BALTIC EXCHANGE
A historic drop in coal-fired electricity generation will not sway global coal demand from its upward trajectory through to 2024, though growth wil ...
Saturday, 11 January 20
ARE YOU 95% CONFIDENT THAT YOUR VERY LOW SULPHUR FUEL IS ON SPEC AND MARPOL COMPLIANT? - GARD
KNOWLEDGE TO ELEVATE
Bunker fuel is a commodity and, like all commodities, is produced and sold according to specifications. Bunkers are usual ...
Saturday, 11 January 20
NEW PRICING COULD SPELL TROUBLE FOR CHINA'S COAL SECTOR - CHINA DIALOGUE
Benchmark coal tariffs have been the foundation of China’s electricity pricing since 2004 but this mechanism was replaced on January 1 with a ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- White Energy Company Limited
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- VISA Power Limited - India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
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