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Wednesday, 30 May 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
 Among several hot topics that will be discussed during the Posidonia week, the International Maritime Organization regulation that will be enforced on Jan 2020 and calls for ships to reduce the maximum sulphur content of their fuels to 0.5 percent, will definitely be on the spotlight. The fuel discussion becomes even more interesting following the recent oil rally that drove global benchmark Brent to the highest level late 2014, near 80usd last week before settling back to around 75usd. According to Morgan Stanley’s latest report, besides key fundamentals and political externalities, oil prices will be severely impacted as new international shipping regulations takes effect, overhauling the types of fuels produced by refiners, and will push Brent crude reaching $90 a barrel by 2020. An increase in demand of low sulphur fuels will hike demand of middle distillate products (diesel and marine gasoil), that will result a significant need for more crude; this will drive crack spreads higher and will boost oil prices. Consequently, several hybrid fuels (Ultra low sulphur Fuel oils) will be marketed by refineries and traders; however they have several red flags (compatibility issues among others). Hence, it seems very unlikely that refiners, traders and bunker suppliers will manage to market a "one spec fits all" low sulphur fuel oil product. This will create an oversupply of high sulphur fuel oil that is expected to put pressure on refineries to produce more distillate fuels.
Data from the report suggests that middle distillate markets are already pretty tight in matters of supply; i.e. diesel and gasoil stockpiles in key storage hubs in Europe, the U.S. and Asia are currently below their 5-yr seasonal averages. At the same time, demand for these distillates is growing annually by 600k barrels/day since 2011, accelerating to 800,000 barrels/day in recent quarters. According to recent studies, the IMO regulation is expected to boost demand by an additional 1.5 million barrels/day by 2020, which should boost crude prices. While global crude production will most likely rise, it probably won’t increase by the 5.7 million barrels/day needed by 2020 to meet the additional demand for fuels. Since current fundamentals as well as the IMO regulation impact point to higher bunker prices, speed & consumptions of ships are once again on the spotlight. Consequently, the instalment (or not) of scrubbers is already a big debate among owners and charterers. If the above analysis is proven correct, and a sudden increase in demand of middle distillates is combined with tight distillate product supply as well as high crude oil prices and an oversupply of high sulphur fuel oil, then the price differential between low sulphur marine gasoil and high sulphur fuel oil will be definitely significant. The question is how long will a large price gap exist for and if it will suffice for the payback of the initial investment cost to install a scrubber. In other words, will this price differential incentivize refiners to invest in high cost cocker installations and upgrade their current infrastructure and how long will this process take.
Amid the high cost of bunkers post 2020, charterers will most likely request owners to slow steam; whereas ships with scrubbers will enjoy the flexibility and maximize ton-mile revenue. Similarly, if the majority of the fleet is slow steaming, and in combination with a possible increase of scrapping tonnage that can’t adapt on the new environmental regulations, we see less vessels competing over cargos; that will probably drive the market upwards. All in all, although the advantages of installing scrubbers especially on thirsty ships are clear, we see only a few owners and newbuilding orders that include scrubbers on board, with the vast majority of orders being “scrubber ready”. Our feeling is that due to current market condition, most owners adopt a “wait and see approach” and currently hold their horses.
By Ilias M. Lalaounis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
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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Wednesday, 30 May 18
HIGH PRICE, DMO ENCOURAGE COAL MINERS TO BOOST PRODUCTION - THE JAKARTA POST
A number of coal miners are planning to increase production by 10 percent in the second half of this year after a worldwide price increase.
Th ...
Tuesday, 29 May 18
BLOCKCHAIN CAN HAVE A TRANSFORMATIVE EFFECT ON THE SHIPPING INDUSTRY
KNOWLEDGE TO ELEVATE
Following the launch of a legal briefing on blockchain contracts from UK P&I Club, Claims Executive, Filip Koscieleck ...
Tuesday, 29 May 18
INDIA'S COAL IMPORT DECLINES IN APRIL AMID DIVERSION TO THERMAL POWER PLANTS - PTI
India’s coal import fell by 9 percent to 17.32 million tonnes (MT) in April on the back of ample supply of dry fuel from domestic sources.
...
Monday, 28 May 18
COAL SUPPLY DIVERSION IRKS INDUSTRIES DEPENDENT ON CAPTIVE POWER PLANTS - HINDU BUSINESS LINE
The government’s move to prioritise coal supplies to power plants with minimal coal stock has disrupted fuel supply to some sectors, which ha ...
Monday, 28 May 18
KOMIPO ISSUED ANOTHER TENDER FOR 130K MT OF 5700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 130,000 mt of min. 5700 NAR coal of Australian origi ...
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Showing 1711 to 1715 news of total 6871 |
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- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Bhatia International Limited - India
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
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