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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, 14 January 20
MABUX: BUNKER MARKET THIS MORNING, JAN.14
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed insignificant and i ...
Tuesday, 14 January 20
SHIPPING MARKET ANALYSIS - ALLIED SHIPBROKING
Uncertainty in the global geopolitical sphere seems to have not come to an end along with 2019, as 2020 commenced with renewed tensions between the ...
Tuesday, 14 January 20
DRY BULK MARKET: "THIS IS NOT THE END OF COAL" SAYS IEA - BALTIC EXCHANGE
A historic drop in coal-fired electricity generation will not sway global coal demand from its upward trajectory through to 2024, though growth wil ...
Saturday, 11 January 20
ARE YOU 95% CONFIDENT THAT YOUR VERY LOW SULPHUR FUEL IS ON SPEC AND MARPOL COMPLIANT? - GARD
KNOWLEDGE TO ELEVATE
Bunker fuel is a commodity and, like all commodities, is produced and sold according to specifications. Bunkers are usual ...
Saturday, 11 January 20
NEW PRICING COULD SPELL TROUBLE FOR CHINA'S COAL SECTOR - CHINA DIALOGUE
Benchmark coal tariffs have been the foundation of China’s electricity pricing since 2004 but this mechanism was replaced on January 1 with a ...
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- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- PTC India Limited - India
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
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