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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, 18 November 19
SUPRAMAX: IN THE INDONESIAN COAL BUSINESS, A 58KDWT VESSEL FIXED DELIVERY PHILIPPINES, REDELIVERY INDIA AT CLOSE TO $8,000 - BALTIC BRIEFING
Capesize
For most of the week the rates were nudging up under a flurry of activity in the Pacific as levels for the West Australia to China C5 ...
Saturday, 16 November 19
LIFE AFTER FOSSIL FUELS: THE DAYS OF OIL AND COAL TRANSPORTATION ARE NUMBERED - BALTIC EXCHANGE
With the world fiercely focused on a decarbonised future, fossil fuel movers and traders might rightly be reconsidering their future. But cast a wi ...
Saturday, 16 November 19
OIL MARKET REPORT: PAUSING TO REFLECT - IEA
Global oil demand in 3Q19 increased by 1.1 mb/d year-on-year (y-o-y), more than double the 435 kb/d seen in 2Q19. China’s demand increased by ...
Friday, 15 November 19
RISING ENERGY DEMAND IN SOUTHEAST ASIA TO BE MET AND SUPPORTED BY COAL - WORLD COAL
Last week the International Energy Agency (IEA) released its semi-annual Southeast Asia Energy Outlook report which outlines the latest insights in ...
Thursday, 14 November 19
EIA EXPECTS U.S. STEAM COAL EXPORTS TO FACE INCREASING COMPETITION FROM EASTERN EUROPEAN SOURCES
EIA expects total U.S. coal production in 2019 to total 698 million short tons (MMst), an 8% decrease from the 2018 level of 756 MMst. The decline ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Parliament of New Zealand
- Latin American Coal - Colombia
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
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