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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.
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Sunday, 28 April 19
SUPRAMAX: A 54,000DWT VESSEL OPEN GRESIK FIXED VIA AUSTRALIA, REDELIVERY CHINA, IN THE MID $12,000S - BALTIC BRIEFING
Capesize
Following the holidays, activity increased in both the Pacific and Atlantic Basins. The 5TC average rallied, closing at $8,596, up $1, ...
Wednesday, 24 April 19
PANAMAX: IN THE EAST, THE MARKET MOVED SIDE-WAYS, WITH FEWER COAL CARGOES FROM INDONESIA PUTTING PRESSURE ON RATES - INTERMODAL
Sentiment in the Dry Bulk market slowly but steadily kept improving last week as Capesize rates remained in recovery mode and Panamax earnings also ...
Wednesday, 24 April 19
SHIPPING MARKET INSIGHT - IS THIS A BANKERS' MARKET? - INTERMODAL
Over the last 10 years, many of the traditional and top lending banks have made the decision to either downsize their portfolios or even exit shipp ...
Monday, 22 April 19
COAL INDIA TO ASK POWER PLANTS TO CUT COAL IMPORTS - DNA
Co to encourage import substitution with domestic supplies at power plants
Surge in coal imports has now forced Coal India Ltd (CIL) ...
Thursday, 18 April 19
BIMCO SEES HARD TIMES AHEAD FOR CAPESIZES
China’s increased use of scrap metal for its production of crude steel is fundamentally critical to the dry bulk shipping industry. Mostly Ca ...
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Showing 1411 to 1415 news of total 6871 |
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- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Australian Coal Association
- White Energy Company Limited
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Planning Commission, India
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
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