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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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Wednesday, 13 November 19
INDONESIAN NOVEMBER COAL PRICE REFERENCE LOGS FIRST GAIN SINCE AUGUST
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Wednesday, 13 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
The improvements seen in the dry bulk market during the unexpectedly strong Q3 brought enthusiasm and optimism for a last quarter rally. Indeed as ...
Tuesday, 12 November 19
COAL IMPORTS AT MAJOR PORTS SLIP 18 PC TO 51 MT IN APRIL-OCTOBER - ECONOMIC TIMES
The Indian Ports Association (IPA), which maintains cargo data handled by these 12 ports, in its recent report, said "percentage variation fro ...
Monday, 11 November 19
EMINENT MARITIME ORGANIZATIONS AND INDIVIDUALS WERE HONORED
SHIPTEK 2019 Anchors in Greece for its 12th edition.
Eminent Maritime Organizations and Individuals were honored
Greec ...
Monday, 04 November 19
COAL INDIA'S OCTOBER PRODUCTION MAY FALL 20% - PTI
Coal India’s production in October is likely to be 19-20 per cent lower at about 40 million tonne, as compared to 49.77 million tonne produce ...
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- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Planning Commission, India
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
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