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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, 28 August 18
SUPRAMAX: A COAL TRIP VIA INDONESIA PAID $13,500 ON A 56,000DWT TO WC INDIA - BALTIC BRIEFING
Capesize
The Singapore holiday mid-week disrupted trading and unsettled the market, with owners losing some resilience. The market took on a la ...
Tuesday, 28 August 18
SHIPPING MARKET UPDATE - GEORGE LAZARIDIS
As we edge close to the start of the Autumn Season, a period within the year that is usually characterized as the pivot point from the final quarte ...
Friday, 24 August 18
KOREAN RESTRICTIONS ON COAL SULPHUR IMPACTING HUNTER EXPORTS - THE HERALD
WARNINGS that Korean restrictions on sulphur levels in coal could hurt the Hunter industry appear to have been accurate, according to a report in t ...
Thursday, 23 August 18
RUSSIA'S MECHEL PRODUCED 9.69 MMT OF RUN-OF-MINE COAL IN 1H'2018
Mechel PAO, one of the leading Russian mining and metals companies, announces 1H2018 operational results.
Mechel PAO’s Chief E ...
Thursday, 23 August 18
SUPRAMAX: SOME FRESH COAL CARGOES APPEARED IN SE ASIA, GIVING A BIT PRESSURE ON RATES FOR END AUGUST SHIPMENTS - FEARNLEYS
Capesize
Slightly softer but generally very healthy for the big ships, with limited supply of early tonnage and positive Brazilian ore export v ...
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Showing 1636 to 1640 news of total 6871 |
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- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- White Energy Company Limited
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Medco Energi Mining Internasional
- The University of Queensland
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
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