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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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Monday, 11 March 19
SUPRAMAX: A 61,000 DWT VESSEL WAS BOOKED SINGAPORE FOR A TRIP VIA INDONESIA TO CHINA AT $10,500 - BALTIC BRIEFING
Capesize
A faint glimmer of hope with the suggestion the market may have finally bottomed out, with owners attempting to resist further cuts in ...
Friday, 08 March 19
KOMIPO INVITES BIDS FOR 2.6 MILLION TONS OF AUSTRALIAN 5700 NAR COAL FOR FIVE YEARS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Australian origin to be burnt ...
Friday, 08 March 19
CHINA'S COAL DEMAND FORECAST TO DROP SLOWLY - YONHAP
China’s coal demand is expected to fall at a snail’s pace over the next 20 years due to the country’s preference for the cheap fo ...
Thursday, 07 March 19
INDONESIAN COAL PRICE REFERENCE PLUNGE TO LOWEST IN SEVEN MONTHS
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 06 March 19
KOSPO INVITES BIDS FOR 80,000 MT OF 3800 NCV COAL FOR 21 - 30 MARCH, 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 80,000 MT of min 3,800 kcal/kg NCV low calor ...
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Showing 1451 to 1455 news of total 6871 |
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- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
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