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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, 26 September 19
INDIA INCREASES ITS ANNUAL COAL PRODUCTION BY 2.7% PER YEAR FROM 850 MILLION SHORT TONS IN 2018 TO 2 BILLION SHORT TONS BY 2050 - EIA
Worldwide coal production holds steady at about 8 billion short tons, or 160 quadrillion British thermal units (Btu), per year through 2040. Inc ...
Wednesday, 25 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
In the past five months there has been significant activity in the asset market with the dry bulk segment being by far the most volatile in terms o ...
Tuesday, 24 September 19
9TH ANNUAL SUPPLY CHAIN INNOVATION SUMMIT 2019 ASIA PACIFIC
Summit: 9th Annual Supply Chain Innovation Summit 2019 Asia Pacific
Host: Ace Events
Website: http: ...
Monday, 23 September 19
SUPRAMAX: THE ASIAN ARENA IT WAS A SLOW START, BUT DEMAND INCREASED AS THE WEEK WENT ON - BALTIC BRIEFING
Capesize
The market trended down over this past week, breaking the market out of its upward trending range. While the market traded sideways at ...
Monday, 23 September 19
CHINA RECORDS SLOWER GROWTH IN COAL PRODUCTION - XINHUA
The growth of China’s raw coal production slowed down in August, data from the National Bureau of Statistics (NBS) showed.
Aro ...
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- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
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