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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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Monday, 16 December 19
THE OUTLOOK FOR U.S. THERMAL COAL IS INCREASINGLY STRESSED - MOODY'S
- Slowing global economic growth, trade tensions will continue to exert influence
- Coal's secular decline will persist in 2020
...
Thursday, 12 December 19
KOWEPO INVITING BIDS FOR 2.28 MILLION TONS OF MIN.4,400 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,280,000 tons of (Sub) Bitum ...
Wednesday, 11 December 19
PANAMAX: THE MARKET REMAINED FIRM IN THE PACIFIC, WITH INCREASED ACTIVITY NOTED IN KEY AREAS, SUCH AS INDONESIA - ALLIED
Capesize – Positive momentum was resumed this past week, with earnings mak-ing some gains once again. This rising pattern was reflected in th ...
Tuesday, 10 December 19
PREPARATIONS INTENSIFY AS IMO 2020 GLOBAL SULPHUR CAP LOOMS - STANDARD CLUB
With less than a month to go for the impending IMO 2020 global sulphur cap, the club has started witnessing dispute cases relating to the measureme ...
Monday, 09 December 19
KOREA SOUTHERN POWER CO LTD IS INVITING OFFERS FOR MIN 3700 NCV COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for 160,000 Tons steam coal.
Acco ...
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- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Minerals Council of Australia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- White Energy Company Limited
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Australian Coal Association
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