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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, 16 January 20
SUPRAMAX: INDO/CHINA ROUND VOYAGE FIXING AROUND LOW/MID USD 6,000 BSS APS INDO - FEARNLEYS
Capesize
Still very rough seas for the big ships, with the majority of the fleet trading Far East or fronthaul and consequently earning far les ...
Wednesday, 15 January 20
ASIA PACIFIC GAS AND LNG - 6 THEMES TO WATCH IN 2020 - WOOD MACKENZIE
NEWS RELEASE
Wood Mackenzie has identified six themes that will impact Asia Pacific’s gas and LNG markets in 2020
Asian LNG spot pr ...
Wednesday, 15 January 20
PREDICTIONS FOR 2020: 'SLOWBALISATION" IS THE NEW GLOBALISATION - PWC
Projecting what the future holds is an important exercise for businesses looking to plan ahead. Below we present a summary of some of the themes we ...
Wednesday, 15 January 20
SHIPPING MARKET INSIGHT - INERMODAL
Happy New Year and all the best for IMO 2020 !!
The early days of IMO 2020 coming into force have certainly had an impact on the indus ...
Tuesday, 14 January 20
SOLAS AMENDMENTS ENTERING INTO FORCE 1 JANUARY 2020 - STANDARD CLUB
While the latest amendments to MARPOL annex VI which entered into force on 1 January 2020 limiting the SOx emissions from ships has been the centre ...
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- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
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