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Wednesday, 18 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
 As we all know very well by now, the reduction in the maximum allowable sulphur content of marine fuels in 2020 is likely to have a massive impact for many in the industry. Shipowners will need to make tough decisions on how their vessels will comply with the new limit, charterers who buy fuel will need to know how it will economically affect them and seafarers will have the ultimate challenge of ensuring vessels continue to run safely and efficiently.
There are several options on how to comply with the sulphur cap. As well as the various fuel choices on offer, there are abatement technologies such as scrubbers EGCS (Exhaust Gas Cleaning Systems). A shipowner’s choice will depend on a number of factors and influencing the decision will be the inevitable gamble on what the availability and price of fuel will be post-2020. What will be certain is that there will be economic and commercial impacts.
Of course even shipowners in the offshore and deep sea oceangoing towage markets will also face similar concerns. Despite the fact that a large portion of the market was already burning distillates, the oceangoing long distance range tugs will face some very difficult economics and important decisions to make on how to comply with these stringent requirements. First class operators are also in certain cases not keen that the VLSMGO fuels are compatible and safe to use in particular tug engines. In general, there are several options available to a shipowner that will allow compliance with the 2020 global sulphur cap. There are pros and cons with each, as discussed extensively during 2019. Mostly concerning fuel availability, on-board fuel management, capital and operational expenditure as well as maintenance requirements. It is not a simple choice and the decision on what method of compliance is best depends on a number of factors, such as vessel type, trading area and remaining service life. The proportion of time spent within emission control areas (ECA) should be also considered together with the impact of changing over fuels when entering/leaving these areas. The 0.1% sulphur cap currently in operation within the ECAs will remain in force and it is possible that new ECAs may emerge in the coming years. For some vessels in particular, the best solution might be multi-fuel, such as having the ability to burn LNG or distillates, depending on the availability of each.
A number of producers have developed or are developing compliant products which are heavier than MGO and MDO but lighter than the residual fuel oils that are currently used. Some are specially-produced products and are commonly referred to as ‘hybrid’ fuels. Other products are the result of blending, producing a heavy distillate or light residual blend. It may be possible that a 0.5%S residual fuel (e.g. 380cst) could be produced from either refining sweet crudes or from sour crudes undergoing a desulphurization process. But there are currently no plans to make this widely available as a marine fuel.
In any case it is clear that the new landscape will take shape and form during the entire first semester of 2019. The first quarter of 2020 will indicate the new trends and the new overall status in the market, but I believe it will take at least 6 months or more till we get to understand the real new dynamics and status of options.
By Christopher Whitty
Director, Towage and Port Agency Division
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, 23 January 20
AFRICAN POWER PLATFORM PUBLISHES REPORTS ON POWER SECTOR FRAMEWORK FOR SELECTED AFRICAN COUNTRIES
Press Release: African Power Platform publishes Reports on Power Sector Framework for selected African Countries
With the repo ...
Thursday, 23 January 20
COAL-BASED ELECTRICITY GENERATION SURGES 95% IN 2019 - PROFIT PAKISTAN TODAY
Coal-based power generation jumped 94.5 percent to 2,030 Gigawatt hours (GWh) in the year to November 2019, taking its share in the country’s ...
Wednesday, 22 January 20
INDIA: COAL PRODUCTION FROM CAPTIVE MINES RAISES 24% OUTPUT IN APRIL TO DECEMBER - FINANCIAL EXPRESS
Coal production from captive mines in the first nine months of the ongoing financial year was up 24% year-on-year (y-o-y) at 40.93 million tonne (M ...
Wednesday, 22 January 20
SHIPPING MARKET INSIGHT - INTERMODAL
It seems that we are finally seeing whitish smoke as far as the trade feud between the US and China is concerned, while following this much anticip ...
Tuesday, 21 January 20
IRON ORE - 5 THINGS TO WATCH IN 2020 - WOOD MACKENZIE
Wood Mackenzie identifies five trends that will impact the iron ore industry.
Slower demand growth (especially in China) and a decen ...
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- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- The University of Queensland
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Parliament of New Zealand
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