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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, 19 December 19
COAL POWER GENERATION CONTINUES TO DECLINE IN GERMANY: DESTATIS, XINHUA REPORTED
The volume of electricity generated in coal-fired power plants in Germany decreased “markedly” by 37 percent to 34 billion kilowatt-hou ...
Thursday, 19 December 19
BANGLADESH'S NBR CUTS VAT ON COAL IMPORT FOR POWER PLANTS - THE DAILY STAR
The National Board of Revenue (NBR) reduced value added tax on the import of coal for power plants to 5 percent from present 15 percent for five ye ...
Wednesday, 18 December 19
AVERAGE PRICES OF COAL IN 2018 WERE MORE THAN 60% HIGHER THAN IN 2016 - IEA
Coal use grew again in 2018.
Global coal demand increased by 1.1%, continuing the rebound that began in 2017 after three years of decline ...
Wednesday, 18 December 19
ASIA IS SET TO SUPPORT GLOBAL COAL DEMAND FOR THE NEXT FIVE YEARS - IEA
Press Release: Global coal demand is expected to decline in 2019 but remain broadly stable over the next five years, supported by robust growth in ...
Tuesday, 17 December 19
AUSTRALIA ENERGY MARKET OPERATOR TURNS SCROOGE ON COAL LOBBY: RUSSELL
Australia, which vies with Indonesia for the title of the world’s largest coal exporter, is planning for an electricity future where use of t ...
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- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Australian Coal Association
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
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