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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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Tuesday, 17 December 19
AUSTRALIA ENERGY MARKET OPERATOR TURNS SCROOGE ON COAL LOBBY: RUSSELL
Australia, which vies with Indonesia for the title of the world’s largest coal exporter, is planning for an electricity future where use of t ...
Tuesday, 17 December 19
BACK TO FUTURE FOR BUSH AS AUSTRALIA CONSIDERS MOVING AWAY FROM COAL NEWCASTLE - HERALD
Looking backwards could show the way forward for regional communities planning for a future beyond mining.
One of Australia’s ...
Tuesday, 17 December 19
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.01 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points, down 0.01 percent week on week.
The index, released by China Taiy ...
Tuesday, 17 December 19
YEAR 2019: IT IS LOOKING SET THAT THIS YEAR WILL BE ONE OF THE SLOWEST IN TERMS OF DRY BULK NEWBUILDING ACTIVITY - ALLIED
With just two weeks remaining before 2019 comes to an end, it is now looking set that this year will be one of the slowest in terms of dry bulk new ...
Monday, 16 December 19
ULTRAMAX: A 63,000DWT SHIP FIXING DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, FOR RE-DELIVERY TO CHINA AT $11,000 - BALTIC BRIEFING
Capesize
It was one-way traffic for the Capesize market this past week, with all routes giving up value. While downward momentum may have slowe ...
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- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- VISA Power Limited - India
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- SMC Global Power, Philippines
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