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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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Saturday, 18 January 20
BIMCO: LOW-SULPHUR FUEL SALE JUMPS TO A 70% SHARE IN SINGAPORE, AS THE IMO 2020 SULPHUR CAP KICKS IN
The final quarter of 2019 marked a massive decline of HSFO sales, as the industry transitioned into compliance of the IMO 2020 Sulphur Cap (IMO2020 ...
Saturday, 18 January 20
GERMAN STEAM COAL IMPORTS IN 2019 PLUMMETED BY 17 % - COAL IMPORTERS ASSOCIATION
Press Release: According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), world trade in h ...
Saturday, 18 January 20
A 61,400 DWT FIXED FROM SOUTH EAST ASIA DELIVERY EAST KALIMANTAN REDELIVERY WEST COAST INDIA IN THE LOW $7,000S - BALTIC BRIEFING
Capesize
The market was relatively stable over this past week putting an end to the past months of more extreme declines. While the Capesize 5T ...
Friday, 17 January 20
EIA ESTIMATES THAT U.S. COAL PRODUCTION DECLINED BY 65 MMST (9%) TO 690 MMST IN 2019. IN 2020, COAL PRODUCTION WILL DECLINE BY A FURTHER 14% TO 597 MMST
U.S. Coal Supply.
EIA estimates that U.S. coal production declined by 65 million short tons (MMst) (9%) to 690 MMst in 2019. In 2020, EIA ...
Friday, 17 January 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index, a gauge of coal p ...
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- PowerSource Philippines DevCo
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Economic Council, Georgia
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
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