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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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Thursday, 09 January 20
SUPRAMAX: A NUMBER OF INDONESIAN ROUND TRIPS WERE REPORTED AT BELLOW USD 5,000 PD LEVELS - FEARNLEYS
Capesize
The Capesize market has hit new low's in the first week of the new year, with the West Australia route being fixed at USD 6.6 being ...
Wednesday, 08 January 20
WHAT IS BIMCO THINKING ABOUT 2020? - BIMCO
Every year, BIMCO considers what is in store for the shipping industry and for BIMCO in the coming years, while also reflecting on the year gone by ...
Wednesday, 08 January 20
VINACOMIN SETS TO SELL 49 MILLION TONNES OF COAL IN 2020 - VIETNAM NET
The Vietnam National Coal-Mineral Industries Holding Corporation Limited (Vinacomin) has set to sell 49 million tonnes of coal in 2020, a year-on-y ...
Wednesday, 08 January 20
CHINA'S COAL-RICH PROVINCE CUTS 18.95 MLN TONNES OF CAPACITY IN 2019 - XINHUA
North China’s Shanxi Province reduced its coal production capacity by 18.95 million tonnes by closing 18 coal mines in 2019.
A ...
Wednesday, 08 January 20
JANUARY INDONESIAN COAL PRICE REFERENCE SLIPS US$ 0.37 MOM
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- The University of Queensland
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- The Treasury - Australian Government
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
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