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Wednesday, 27 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
 With the IMO 2020 approaching, it becomes challenging for the market to accurately explore the run-up to the deadline given that marine fuel-oil of 0.5% sulphur content does not yet exist physically nor financially. Thus, there is technical and financial planning to be involved and as reported the current global crude streams enable the production of about 15mill bl/d of final 0.5% sulphur content marine fuel if refineries maximize output. The market is currently using Gasoil 0.1% sulphur content price as a proxy for the upcoming 0.5%S MFO. Accordingly, it is estimated that between 2020 and 2022 it will trade at USD 90/ton discount to the Gasoil 0.1% price. Later, it is projected that the 0.5% MFO price will settle closer to the HFO 3.5% price, at a USD 90/ton premium to HFO 3.5%.
As seen, many ship-owners have rushed to order scrubbers and as reported in 2020 there will be more than 1600 scrubbers installed and on order. It is projected that between 2021 and 2022 demand will be much higher always subject to the order books. As discussed in 2020, the global bunker oil consumption will be mainly MFO of 0.5% sulphur content and almost 95% of vessels will not have scrubbers fitted. Unavoidably, in order for refineries to produce MFO of 0.5% sulphur content there will be a great availability of HFO 3.5% fuel. This is because high sulphur residue fuel is a by product in the production of MFO 0.5%. Rationally HFO 3.5% will be available in larger ports and most probably will be utilized by container vessels in certain routes or product carriers that will trade between refineries. Therefore, for these routes and specific trade, scrubber installation will certainly advance. In general, it is forecasted that more than 2.0m bl/d of HFO 3.5% surplus will be produced in 2020 and the question remains where and how this amount of fuel will be stored. The increased inventory will lead to HFO 3.5% prices being low for some time until the supply/demand balances and thus prices will be restored in the later years.
Furthermore, as the new fuel is yet unknown there is a discussion by ship-owners whether blending MFO 0.5% from various suppliers will be stable and not likely to damage engines. Overall, most shippers are installing scrubbers to part of their fleet to build up step by step knowledge. Scrubber installation has led many to believe that “early movers will make a scrubber profit” while “late movers will make a scrubber saving”. Last but not least, many ship-owners that have their vessels on long time charters have considered the option to include a clause in their charter parties, for Charterers requesting a scrubber vessel, to pay for it through hire agreement.
The next couple of years will not be short of interesting developments for sure. The second half of 2019 and closer to 2020 will lead to more confident conclusions towards the MFO 0.5%, Gasoil 0.1% and HFO 3.5% price spreads with the maritime industry’s bunker fuel shift. It is expected that concerns related to volatility of the MFO 0.5% product will progressively dissolve as more users will be able to test it during 2019 leading to the understanding that it will not be a gasoil-based product but instead a fuel-based bunker. Finally, it is expected that scrubber installation for bigger vessels will be hurried while for fleets with smaller vessels it will take longer. The main question to be answered is whether scrubber installation will generate profits or just savings.
By Katerina Resti
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Sunday, 09 June 19
SUPRAMAX: ASIA LOST GROUND; THE INDIAN OCEAN SAW SLOWER ACTIVITY - BALTIC BRIEFING
Capesize
The market continued in an unusually steady ascent last week. With no major news in the market, each day improved on the last, breakin ...
Friday, 07 June 19
KOEN INVITED BIDS FOR 1.87 MILLION TONS OF COAL FOR JULY - OCTOBER 2019 DELIVERY
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,700,000 to 1,870,000 Metric Tons ...
Wednesday, 05 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
The first semester of 2019 started as a fairly positive semester for the offshore sector whilst there was a recovery on crude prices, as well as a ...
Tuesday, 04 June 19
MARPOL ANNEX VI - SULPHUR CAP 2020 - DEMYSTIFYING THE FONAR - SKULD
KNOWLEDGE TO ELEVATE
Fuel Oil Non-Availability Report (FONAR) is primarily a discretionary tool for a Member State to lessen the breach of MAR ...
Monday, 03 June 19
SUPRAMAX: A 61,000 TONNER OPEN NORTH CHINA, FIXING A TRIP VIA INDONESIA, REDELIVERY SOUTHEAST ASIA AT $7,500 - BALTIC BRIEFING
Capesize
The market continued its steady ascent over the past week to improved levels. The TC average opened the previous week at $12,243 and c ...
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Showing 1391 to 1395 news of total 6871 |
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- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Australian Coal Association
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Planning Commission, India
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Eastern Coal Council - USA
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Central Java Power - Indonesia
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