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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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Saturday, 07 December 19
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Saturday, 07 December 19
SOUTH AFRICAN COAL PRICE SURGE, WHILE OTHERS LANGUISH, IS TROUBLING - REUTERS
Coal prices around the world are gently sliding as demand from top importers such as China, India and even Europe remains subdued amid a so far mil ...
Saturday, 07 December 19
SUPRAMAX: OVERALL, THE BALTIC SUPRAMAX INDEX REMAINED IN POSITIVE MODE, DESPITE SOME AREAS LACKING FRESH ACTIVITY - BALTIC BRIEFING
Capesize
This week the Capesize market maintained healthy earnings, as an end of year surge took the Capesize 5TC back up to $25,202 by mid-wee ...
Friday, 06 December 19
INDONESIA COAL BENCHMARK PRICE FOR DECEMBER INCREASES BY US 3 CENTS MOM
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Thursday, 05 December 19
IMO 2020 IS ABOUT TO GET REAL - GAVIN THOMPSON
As I write this edition of the APAC Energy Buzz from my desk in Singapore I can see ships. Lots of ships. No surprise given that Singapore is among ...
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- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- White Energy Company Limited
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- PTC India Limited - India
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Economic Council, Georgia
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
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