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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
...
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- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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