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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 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- The University of Queensland
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
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