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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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Thursday, 24 October 19
PANAMAX: NEGATIVE SENTIMENT IN THE MARKET AS IT CONTINUES TO WEAKEN - FEARNLEYS
Capesize
The market has continued to slide the last week, as lack of fresh requirements and a slight oversupply of tonnage heading towards Sout ...
Wednesday, 23 October 19
CHINA'S 2019 COAL IMPORTS SET TO RISE MORE THAN 10%: ANALYSTS - REUTERS
China, the world’s top coal buyer, is on track to boost imports of the fuel by more than 10% this year, traders and analysts said on Tuesday, ...
Wednesday, 23 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
Moving closer to the end of the year, we are facing what the market was expecting for quite a while, the ship repair sector booming with the shipya ...
Tuesday, 22 October 19
DRY BULK: DESPITE THE DOWNWARD CORRECTION NOTED OVER THE PAST MONTH, RATES ARE STILL HOLDING OFF AT FAVORABLE LEVELS - ALLIED SHIPPING
Despite the downward correction that has been noted in the dry bulk market over the past month, rates are still holding off at favorable levels. Ev ...
Monday, 21 October 19
SHIPPERS CHANGE COURSE AS FUEL RULES TARGET SULPHUR EMISSIONS - WOOD MACKENZIE
The International Maritime Organization (IMO), the industry’s regulator, will require all ships to reduce the level of sulphur in their engin ...
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- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Australian Coal Association
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- VISA Power Limited - India
- MS Steel International - UAE
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
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