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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, 21 October 19
COAL TO PLAY SIGNIFICANT ROLE IN SOUTH AFRICA POWER MIX - MINISTER, REUTERS REPORTED
South Africa’s plans for additional power generation over the next decade will involve a variety of energy sources, with coal still playing a ...
Monday, 21 October 19
ULTRAMAX: IN ASIA, TRIPS FROM THE SINGAPORE AREA WERE PAYING BETWEEN $14,000 AND $16,000, DEPENDING ON THE VESSEL SIZE AND DURATION - BALTIC BRIEFING
Capesize
The market traded in a relatively stable supported manner in the Pacific this week while the Atlantic experienced weakening turbulence ...
Friday, 18 October 19
WHY CRUDE TANKER RATES JUST FELL (HALFWAY) BACK TO EARTH - FREIGHT WAVES
Panic drove crude-tanker rates up, very briefly, to mind-bogglingly high assessed levels of around $300,000 per day. Now, the fear factor has been ...
Friday, 18 October 19
SHORT TERM STRENGTH FOR OZ COMMODITIES - BALTIC BRIEFING
Volatility in the global commodity markets is not expected to unduly rattle Australia’s commodity outlook through 2020, but the 2021 picture ...
Friday, 18 October 19
SINGAPORE'S APEX TO LAUNCH LOW-SULFUR FUEL OIL CONTRACT AHEAD OF NEW SHIPPING RULES - REUTERS
Singapore-based Asia Pacific Exchange (APEX) will launch a low-sulfur fuel oil (LSFO) futures contract on Friday aimed at helping shipping and ener ...
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- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Thai Mozambique Logistica
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- MS Steel International - UAE
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
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