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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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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- PTC India Limited - India
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- The University of Queensland
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
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