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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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Friday, 22 November 19
FORTY PERCENT OF ADARO'S COAL SALES VOLUME IN 9M19 GOES TO THE SOUTHEAST ASIA REGION
PT Adaro Energy Tbk released its consolidated financial statements yesterday, for the nine month period, ending September 30, 2019.
...
Friday, 22 November 19
UNCERTAINTY IN THERMAL COAL MARKET PERSISTED IN 3Q19 - ADARO
Uncertainty in thermal coal market persisted in 3Q19, mainly due to the actions, or inactions, of China in setting policies for global coal market. ...
Friday, 22 November 19
CIL TO DEVELOP 55 NEW COAL MINES IN NEXT 5 YEARS: COAL MINISTER
State-owned CIL will develop 55 new coal mines and expand 193 existing ones in the next five years, Parliament was informed. The company is also un ...
Thursday, 21 November 19
4TH DEEP OFFSHORE WEST AFRICA CONGRESS 2020
4th Deep Offshore West Africa Congress 2020
17 Janaury 2020
Accra, Ghana
Press Release: Following the great succ ...
Thursday, 21 November 19
INDONESIA PLANS TO KEEP $70/T COAL PRICE CAP FOR PLN, DMO - REUTERS
Indonesia’s energy minister Arifin Tasrif said his ministry plans to maintain a price cap on coal being sold to state electricity utility, PT ...
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- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- The University of Queensland
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Planning Commission, India
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
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