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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, 17 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country’s ...
Wednesday, 16 October 19
INDIA CALLS FOR A RESET OF CLIMATE DEBATE ON COAL AS A FUEL - LIVEMINT
India on Tuesday called for a reset on climate debate on coal as a fuel, in the backdrop of India becoming one of the top renewable energy producer ...
Wednesday, 16 October 19
LESSONS LEARNT FROM CREW INJURED IN HEAVY WEATHER - UK P&I CLUB COMMENTS
KNOWLEDGE TO ELEVATE
Stuart Edmonston, Loss Prevention at UK P&I Club, discusses an incident in which crew were injured whilst on deck in ...
Wednesday, 16 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
In perhaps the most interesting market conditions of the past years, the tanker and the dry bulk industry have created a positive sentiment with re ...
Tuesday, 15 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country's Co ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- The University of Queensland
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
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