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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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- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
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- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- VISA Power Limited - India
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- The University of Queensland
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- PTC India Limited - India
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
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