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Wednesday, 15 January 20
SHIPPING MARKET INSIGHT - INERMODAL
 Happy New Year and all the best for IMO 2020 !!
The early days of IMO 2020 coming into force have certainly had an impact on the industry, but so far it seems that those who feared of major problems for global shipping have not been verified and it looks like we have avoided the destructive consequences. Lack of availability of the VLSFO, massive breakdowns of main engines from poor blends, detentions from non-compliance where just some of the warnings and the possible problems that many were expecting, and none of it has happened so far, at least to a widespread extent. It hasn't been smooth, but fortunately there hasn't been any disruption of the world trade.
Unavailability of the fuel which was for a long time the biggest concern does not seem to be an issue; compliant fuels are available and supply will only improve. Also, although it may be too soon to spot a pattern from the incompatibility from the fuel blends, so far there have been no major events.
From the world fleet of thousands of vessels, we have the first reported cases of breaches of compliance with the IMO2020, as the Chinese authorities have caught two vessels for low sulphur fuel violations. There can be fines or detentions but I would guess that it is still too early and the authorities are still a bit lenient on imposing strict penalties.
The biggest problem is the price of the fuel, which is very similar to MGO and very close to the highest levels that the shipowners have ever paid for heavy fuel. This is not entirely an IMO2020 effect, the high oil prices are mostly courtesy of the trade wars, torpedo attacks, air strikes, missile strikes and the other events that sent the oil price to the recent highs. However, the spread between the compliant fuels and the HFO, which is currently getting cheaper, has peaked from $280/mt up to more than $400/mt in some major bunkering ports and the fact is that most owners are experiencing high and uncertain heavy fuel oil price levels.
So this is good news for those owners who rushed to install scrubbers, invested millions and suffered 60 days or more of lost earnings. It's payback time for them as they get better charter rates and see their investment's payback time to get shorter and shorter.
We expect the 0.5% compliant fuel to get increasingly cheaper as more of the product becomes available, refinery inventory builds up, and as more companies and tankers/barges start delivering it. Furthermore, according to news agency Reuters, China has approved a long-awaited tax waiver on exports of the compliant fuel, paving the way for Chinese refiners to boost production of the 0.5%. Although initially shipments will focus on the coastal marine fuel market, this tax waiver will definitely impact both the supply and the price of the VLSFO.
Global shipping is a beast, an enormous organism, that at first seems to be very slow to react, but in fact once again it has proven to be very flexible and relatively quick in adapting. Most shipowners have been operationally well prepared in making the transition smooth and are now ready to focus in the commercial side of things and the shipping market itself.
By Theodore Ntalakos
SnP Broker
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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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- New Zealand Coal & Carbon
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- Wood Mackenzie - Singapore
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- Eastern Coal Council - USA
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- SMG Consultants - Indonesia
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- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
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- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
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- Bulk Trading Sa - Switzerland
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- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
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- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
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- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- The University of Queensland
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
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- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- CNBM International Corporation - China
- Mjunction Services Limited - India
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- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
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- Economic Council, Georgia
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- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
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- TNB Fuel Sdn Bhd - Malaysia
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- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
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- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Latin American Coal - Colombia
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- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
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- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
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- White Energy Company Limited
- Standard Chartered Bank - UAE
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- Tamil Nadu electricity Board
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- Videocon Industries ltd - India
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- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
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- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
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- Sical Logistics Limited - India
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- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Australian Coal Association
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