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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, 11 January 20
BALTIC BRIEFING TANKER REPORT - WEEK 2
VLCC
Escalating tensions between the USA and Iran, in addition to a continuing strong market, made for an interesting week, with rates firming ...
Saturday, 11 January 20
SUPRAMAX: INDONESIA COAL RUNS, A 58,000DWT SHIP WAS RUMOURED FIXED DELIVERY KALIMANTAN, REDELIVERY WEST COAST INDIA, IN THE $4,000S - BALTIC BRIEFING
Capesize
Closing out the first full trading week of 2020, the Capesize market is struggling to gain any solid positive upward traction. Opening ...
Friday, 10 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remains flat
China’s benchmark power coal price remained flat during the past week.
...
Thursday, 09 January 20
NEW IMO LIFEBOAT REQUIREMENTS ENTER INTO FORCE - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Three new compulsory IMO resolutions entered into force on 1 January 2020. These resolutions deal with the maintenance, t ...
Thursday, 09 January 20
INDIA'S NEW EASED MINING RULES TO ENHANCE FOREIGN PARTICIPATION IN COAL SECTOR: MINISTER
India’s cabinet has eased mining laws in a bid to attract foreign players to the domestic coal sector and reduce imports of the fuel, coal mi ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Planning Commission, India
- PTC India Limited - India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Australian Coal Association
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
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