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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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Sunday, 22 December 19
NMDC DIVERSIFIES INTO COAL MINING - THE HINDU
Iron ore mining major NMDC has been allocated two coal blocks in Jharkhand for commercial mining by the Union Ministry of Coal.
Both ...
Sunday, 22 December 19
TRADING PLACES FOR 2020 - BALTIC EXCHANGE
In the sea of 2020 predictions, Saxo Bank’s Outrageous Predictions sail their own very unique course. For nearly 20 years the Danish investme ...
Saturday, 21 December 19
SUPRAMAX: A 63,000 DWT VESSEL, OPEN CIGADING, FIXED A TRIP VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $8,500 - BALTIC BRIEFING
Capesize
The Capesize market this past week has been attempting to recalibrate itself in consideration of weakening freight levels and increasi ...
Saturday, 21 December 19
SHIPPING'S SUPPLY AND DEMAND TRENDING OFF BALANCE - BIMCO
One of the most worrying trends that has developed recently – which will affect shipping demand in the years to come – is the falling t ...
Friday, 20 December 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- VISA Power Limited - India
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
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