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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, 11 September 19
THE INDONESIAN COAL PRICE REFERENCE FELL HEAVILY IN SEPTEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 11 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
We are going through one of the rare instances where we see optimism building in the dry bulk industry and, as the momentum is still going, the bel ...
Monday, 09 September 19
INDIAN COMPANIES READY TO INVEST IN DEVELOPMENT OF NEW COAL DEPOSITS IN RUSSIA'S YAKUTIA - TASS
Indian metallurgical companies, which received trial batches of coal from Kolmar mining company, are satisfied with the quality of the products and ...
Monday, 09 September 19
COLOMBIA COAL OUTPUT DOWN YEAR-ON-YEAR IN 2ND QUARTER - REUTERS
Colombia, the world’s fifth-largest exporter of coal, produced 18.9 million tonnes of the fuel in the second quarter, down 4.5% from the same ...
Monday, 09 September 19
ULTRAMAX: ASIA A 58,000-TONNER FIXED DELIVERY FUZHOU, VIA INDONESIA, REDELIVERY CHINA, AT $12,800
Capesize
0px The market reached new heights this week as the 5TC topped $38,014, a level not seen in the sector since 2013. Fridays 5TC closed ...
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- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
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