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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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Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 08 October 18
KOMIPO INVITES BIDS FOR 520,000 TONS OF COLOMBIAN ORIGIN OF 5,700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Colombian origin ...
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Showing 1591 to 1595 news of total 6871 |
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- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- PTC India Limited - India
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- The University of Queensland
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Planning Commission, India
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- White Energy Company Limited
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- GMR Energy Limited - India
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