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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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Tuesday, 17 December 19
BACK TO FUTURE FOR BUSH AS AUSTRALIA CONSIDERS MOVING AWAY FROM COAL NEWCASTLE - HERALD
Looking backwards could show the way forward for regional communities planning for a future beyond mining.
One of Australia’s ...
Tuesday, 17 December 19
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.01 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points, down 0.01 percent week on week.
The index, released by China Taiy ...
Tuesday, 17 December 19
YEAR 2019: IT IS LOOKING SET THAT THIS YEAR WILL BE ONE OF THE SLOWEST IN TERMS OF DRY BULK NEWBUILDING ACTIVITY - ALLIED
With just two weeks remaining before 2019 comes to an end, it is now looking set that this year will be one of the slowest in terms of dry bulk new ...
Monday, 16 December 19
ULTRAMAX: A 63,000DWT SHIP FIXING DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, FOR RE-DELIVERY TO CHINA AT $11,000 - BALTIC BRIEFING
Capesize
It was one-way traffic for the Capesize market this past week, with all routes giving up value. While downward momentum may have slowe ...
Monday, 16 December 19
THE OUTLOOK FOR U.S. THERMAL COAL IS INCREASINGLY STRESSED - MOODY'S
- Slowing global economic growth, trade tensions will continue to exert influence
- Coal's secular decline will persist in 2020
...
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- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- The University of Queensland
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Australian Coal Association
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
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