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Wednesday, 06 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
 With less than two months before the end of the year, the shipping and refining industries have already taken measures and invested to accommodate the IMO 2020 regulations. As the implementation date for the 0.5% sulphur cap approaches, the U.S. EIA expects that the swing in petroleum product pricing will be most acute in 2020 and the effects on prices will be moderate after that. However, the regulations will inevitably affect petroleum supply, demand, and trade flows on a long-term basis while shipowners, operators and charterers around the world are carefully preparing marine fuel supplies ahead.
As already extensively analysed operators of vessels have a few options, from switching to a lower-sulphur fuel or installing scrubbers to even switching to nonpetroleum-based fuels, such as liquefied natural gas (LNG). To enable a prosperous transition the industry demands increased on-board operational expertise and detailed product knowledge both on the supplying and the receiving vessel. Originally MGO was declared the primary winner since most of the bunker products did not met the sulphur content limit of 0.5%. However, with less than two months ahead of the implementation, it seems that the scale of the MGO demand swipe will not be as great as expected. In its place, very-low sulfur fuel oil (VLSFO) has been developed as a dark horse to challenge MGO as a stand-in for high-sulfur fuel oil, with a 3.5% sulfur limit, when the switch is activated.
VLSFO is already available in various locations across Asia, Middle East, Africa and the Americas as of mid-October, while it will be made available to additional ports during November and December. Even though demand up until recently has not been as high we are now seeing both supply and demand rapidly increasing. During the first half of October, supply of VLSFO surpassed demand in many areas and as argued by suppliers, this is because ship-owners that initially wanted to start bunkering VLSFO postponed their purchases for November and December. The market disturbance caused by the transition to IMO 2020 is apparent as the supply side of HSFO has begun running down stocks. Furthermore, tank barges that have been stowing HSFO are being taken out of service to be cleaned and get readied for VLSFO or MGO. Concurrently, suppliers and traders are reluctant to substitute HSFO stocks as they anticipate rapidly declining demand towards the end of 2019. This reduced supply capacity comes at a time when shipping still needs fuel, and the vast majority of bunker demand is still for HSFO.
To conclude, the transition to the 0.50% sulphur limit will cause disruption and more volatility than usual for a while but the market will eventually adapt as it always does. Worldwide, the shipping industry was primarily sceptical about the quality of VLSFO, but as 2020 approaches confidence for VLSFO grows among market members. Operators are projected to lean towards the lower cost option that will replace the 3.6 million barrels per day of HSFO that the shipping industry currently consumes. There is still speculation rather than solid fact about the price differential between high sulphur fuel and VLSFO price in the beginning of 2020, with some analysts predicting a potential range of $40-$200 between the two grades.
By Katerina Restis
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.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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Sunday, 29 December 19
AUSTRALIA SUFFERS WORST OF CHINA'S COAL CURBS AFTER EARLIER BOOM - BLOOMBERG
Australia is bearing the brunt of China’s year-end coal import restrictions, ceding market share to other exporters including Russia and Mong ...
Saturday, 28 December 19
SUPRAMAX: A 63,000DWT VESSEL, OPEN CIGADING, FIXED A TRIP VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $8,500 - BALTIC BRIEFING
Capesize
The Capesize market this past week has been attempting to recalibrate itself in consideration of weakening freight levels and increasing ...
Saturday, 28 December 19
CHINESE INDUSTRIAL CITY TO FURTHER CUT COAL CONSUMPTION - XINHUA
Harbin, capital city of Heilongjiang Province in China’s northeastern industrial heartland, is planning to further reduce its coal consumptio ...
Friday, 27 December 19
MISERY LOOMS OVER TOP COAL SHIPPERS AS CHINA TO BUY LESS IN 2020 BLOOMBERG
China isn’t cutting back on consumption of the most-polluting fossil fuel just yet, but it is set to reduce imports.
The world ...
Thursday, 26 December 19
REVIEW OF 2019 AND OUTLOOK FOR 2020 - OPEC
Global economic growth slowed in 2019, impacted by a variety of challenges. Trade issues not only led to reduction in global final consumption but ...
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Showing 1221 to 1225 news of total 6871 |
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- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- The University of Queensland
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
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