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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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Thursday, 16 August 18
COAL PRODUCTION AT 37.11 PERCENT OF FULL-YEAR TARGET - THE JAKARTA POST
Indonesian coal production was recorded at 180 million tons on Wednesday, or 37.11 percent of the government’s 485 million target this year.
...
Thursday, 16 August 18
OIL MARKET HIGHLIGHTS - OPEC
Crude Oil Price Movements
In July, the OPEC Reference Basket increased marginally by 5¢ m-o-m to settle at $73.27/b. Oil futures saw mixed ...
Tuesday, 14 August 18
THE CAPESIZE MARKET HAS SHOWN A TREMENDOUS COURSE DURING THE PAST 12 MONTHS - THOMAS CHASAPIS
The Capesize market has shown a tremendous course during the past 12 months, having quickly climbed out of the “hole that it had found itself ...
Monday, 13 August 18
A 50,200 DWT FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA REDELIVERY CHINA IN THE LOW $10,000S - THE BALTIC BRIEFING
Capesize
Expectations of a further push in the market were largely unfulfilled last week as rates come under pressure in Asia as the North Atla ...
Friday, 10 August 18
U.S. COAL PRODUCTION TO DECLINE BY 1.8% IN 2019 BECAUSE COAL EXPORTS AND COAL CONSUMPTION ARE BOTH FORECAST TO DECREASE - EIA
EIA forecasts U.S. coal production will decline by 1.1% to 766 million short tons (MMst) in 2018 despite a 5.7% (6 MMst) increase in coal exports.
...
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Showing 1646 to 1650 news of total 6871 |
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- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- The University of Queensland
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Planning Commission, India
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
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