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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
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