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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, 04 September 18
SUPRAMAX: THE ASIAN SECTOR REMAINED ACTIVE WITH RATES STILL FIRM ESPECIALLY IN SE ASIA - BALTIC BRIEFING
Capesize
A turnaround in fortunes for the big ships, with a few slower days in the market. A build-up of tonnage and a lack of Brazil cargoes r ...
Thursday, 30 August 18
SUPRAMAX: CIS COAL TO FAR EAST WENT AT MID TENS AND TO SE ASIA AT CA USD 8000 - FEARNLEYS
Capesize
There was a slow start this week with holiday in UK on Monday. The index has been slowly coming off since then; The C5 route has seen ...
Wednesday, 29 August 18
MID-YEAR FY19 POWER OUTLOOK: IMPORTED COAL REQUIREMENT TO INCREASE DURING REMAINING FY19: IND-RA
India Ratings and Research (Ind-Ra) has maintained a stable-to-negative outlook on the Indian power sector for the remaining FY19, despite a rise i ...
Wednesday, 29 August 18
IMPACT ON CHARTERPARTIES - TIME TO ACT NOW : NORTH P&I CLUB
KNOWLEDGE TO ELEVATE
The challenges introduced by the global sulphur cap are not exclusively technical. The new limits are likely to impact co ...
Tuesday, 28 August 18
COURT CONCLUDES DELIVERY MADE IN ACCORDANCE WITH TERMS OF LOIS - INCE&CO
Glencore Agriculture BV v Navig8 Chemicals Pool Inc (Songa Winds) [2018] EWCA 1901 (Civ)
In this case, the Commercial Court fo ...
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Showing 1631 to 1635 news of total 6871 |
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- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Planning Commission, India
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
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