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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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Thursday, 09 January 20
SUPRAMAX: A NUMBER OF INDONESIAN ROUND TRIPS WERE REPORTED AT BELLOW USD 5,000 PD LEVELS - FEARNLEYS
Capesize
The Capesize market has hit new low's in the first week of the new year, with the West Australia route being fixed at USD 6.6 being ...
Wednesday, 08 January 20
WHAT IS BIMCO THINKING ABOUT 2020? - BIMCO
Every year, BIMCO considers what is in store for the shipping industry and for BIMCO in the coming years, while also reflecting on the year gone by ...
Wednesday, 08 January 20
VINACOMIN SETS TO SELL 49 MILLION TONNES OF COAL IN 2020 - VIETNAM NET
The Vietnam National Coal-Mineral Industries Holding Corporation Limited (Vinacomin) has set to sell 49 million tonnes of coal in 2020, a year-on-y ...
Wednesday, 08 January 20
CHINA'S COAL-RICH PROVINCE CUTS 18.95 MLN TONNES OF CAPACITY IN 2019 - XINHUA
North China’s Shanxi Province reduced its coal production capacity by 18.95 million tonnes by closing 18 coal mines in 2019.
A ...
Wednesday, 08 January 20
JANUARY INDONESIAN COAL PRICE REFERENCE SLIPS US$ 0.37 MOM
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
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