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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, 19 December 19
COAL POWER GENERATION CONTINUES TO DECLINE IN GERMANY: DESTATIS, XINHUA REPORTED
The volume of electricity generated in coal-fired power plants in Germany decreased “markedly” by 37 percent to 34 billion kilowatt-hou ...
Thursday, 19 December 19
BANGLADESH'S NBR CUTS VAT ON COAL IMPORT FOR POWER PLANTS - THE DAILY STAR
The National Board of Revenue (NBR) reduced value added tax on the import of coal for power plants to 5 percent from present 15 percent for five ye ...
Wednesday, 18 December 19
AVERAGE PRICES OF COAL IN 2018 WERE MORE THAN 60% HIGHER THAN IN 2016 - IEA
Coal use grew again in 2018.
Global coal demand increased by 1.1%, continuing the rebound that began in 2017 after three years of decline ...
Wednesday, 18 December 19
ASIA IS SET TO SUPPORT GLOBAL COAL DEMAND FOR THE NEXT FIVE YEARS - IEA
Press Release: Global coal demand is expected to decline in 2019 but remain broadly stable over the next five years, supported by robust growth in ...
Tuesday, 17 December 19
AUSTRALIA ENERGY MARKET OPERATOR TURNS SCROOGE ON COAL LOBBY: RUSSELL
Australia, which vies with Indonesia for the title of the world’s largest coal exporter, is planning for an electricity future where use of t ...
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- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Planning Commission, India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Australian Coal Association
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
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