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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, 17 December 19
BACK TO FUTURE FOR BUSH AS AUSTRALIA CONSIDERS MOVING AWAY FROM COAL NEWCASTLE - HERALD
Looking backwards could show the way forward for regional communities planning for a future beyond mining.
One of Australia’s ...
Tuesday, 17 December 19
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.01 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points, down 0.01 percent week on week.
The index, released by China Taiy ...
Tuesday, 17 December 19
YEAR 2019: IT IS LOOKING SET THAT THIS YEAR WILL BE ONE OF THE SLOWEST IN TERMS OF DRY BULK NEWBUILDING ACTIVITY - ALLIED
With just two weeks remaining before 2019 comes to an end, it is now looking set that this year will be one of the slowest in terms of dry bulk new ...
Monday, 16 December 19
ULTRAMAX: A 63,000DWT SHIP FIXING DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, FOR RE-DELIVERY TO CHINA AT $11,000 - BALTIC BRIEFING
Capesize
It was one-way traffic for the Capesize market this past week, with all routes giving up value. While downward momentum may have slowe ...
Monday, 16 December 19
THE OUTLOOK FOR U.S. THERMAL COAL IS INCREASINGLY STRESSED - MOODY'S
- Slowing global economic growth, trade tensions will continue to exert influence
- Coal's secular decline will persist in 2020
...
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- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
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