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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, 26 November 19
PREPARATIONS INTENSIFY AS 1 JANUARY 2020 GLOBAL CUT IN SULPHUR IN SHIP'S FUEL OIL LOOMS: IMO
“IMO 2020” requirements for ships to cut sulphur oxide emissions enter into effect in just over one month’s time. This will signi ...
Monday, 25 November 19
COAL SUPPLY BY CIL TO POWER SECTOR DROPS OVER 8 PC TO 253 MT IN APRIL-OCTOBER - PTI
Supply of coal by state-owned CIL to the power sector registered a decline of 8.5 per cent to 253 million tonnes in the April-October period of thi ...
Monday, 25 November 19
A 53,000DWT SHIP FIXED AT $9,500 DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY VIETNAM - BALTIC BRIEFING
Capesize
After a week of value being eroded on the Capesize market, Friday brought improved sentiment across most of the routes. The 5TC averag ...
Monday, 25 November 19
KOWEPO INVITED 6.79 MILLION TONS OF (SUB)BITUMINOUS STEAM COAL BIDS
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for 6,798,000 tons of coal for 5 years ...
Friday, 22 November 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Economic Council, Georgia
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
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