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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- ASAPP Information Group - India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
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