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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Medco Energi Mining Internasional
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- India Bulls Power Limited - India
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