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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, 12 December 19
KOWEPO INVITING BIDS FOR 2.28 MILLION TONS OF MIN.4,400 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,280,000 tons of (Sub) Bitum ...
Wednesday, 11 December 19
PANAMAX: THE MARKET REMAINED FIRM IN THE PACIFIC, WITH INCREASED ACTIVITY NOTED IN KEY AREAS, SUCH AS INDONESIA - ALLIED
Capesize – Positive momentum was resumed this past week, with earnings mak-ing some gains once again. This rising pattern was reflected in th ...
Tuesday, 10 December 19
PREPARATIONS INTENSIFY AS IMO 2020 GLOBAL SULPHUR CAP LOOMS - STANDARD CLUB
With less than a month to go for the impending IMO 2020 global sulphur cap, the club has started witnessing dispute cases relating to the measureme ...
Monday, 09 December 19
KOREA SOUTHERN POWER CO LTD IS INVITING OFFERS FOR MIN 3700 NCV COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for 160,000 Tons steam coal.
Acco ...
Saturday, 07 December 19
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
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