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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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Monday, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- MS Steel International - UAE
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- GMR Energy Limited - India
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