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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 21 January 20
ASIA'S APPETITE FOR COAL GROWS, WITH CHINA THE KEY DECIDER - NIKKEI
Although renewable power generation is expected to rise significantly in Asia, India’s vast electricity needs will still underpin global dema ...
Tuesday, 21 January 20
THERMAL COAL PRICES SET FOR RECOVERY THIS YEAR AS OVERSUPPLY TIGHTENS - REUTERS
Thermal coal prices are expected to recover this year after losing around a third of their value last year as demand from some south-east Asian cou ...
Monday, 20 January 20
INDIA TO STOP SUBSTITUTABLE COAL IMPORT; CAN GO FOR AUCTION OF 100 FULLY EXPLORED NEW BLOCKS: JOSHI - PTI
The Cabinet recently approved promulgation of Mineral Laws (Amendment) Ordinance 2020 to amend Mines and Minerals (Development and Regulation ) Act ...
Monday, 20 January 20
CHINA DECEMBER COAL OUTPUT UP 2.4 PERCENT ON YEAR - STATS BUREAU: REUTERS
China produced 331.74 million tonnes of coal in December, up 2.4 percent on the year, the National Bureau of Statistics said on Friday.
...
Monday, 20 January 20
CHINA IMPORTED 124.4 MLN TONNES OF COAL FROM INDONESIA IN 2019, UP 15.1 PERCENT YOY - BANCHERO COSTA
China's coal imports raced ahead in 2019, surprising many who had expected that in the months of 2019 to come the government would clamp down s ...
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- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Romanian Commodities Exchange
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