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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, 12 December 19
KOWEPO INVITING BIDS FOR 2.28 MILLION TONS OF MIN.4,400 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,280,000 tons of (Sub) Bitum ...
Wednesday, 11 December 19
PANAMAX: THE MARKET REMAINED FIRM IN THE PACIFIC, WITH INCREASED ACTIVITY NOTED IN KEY AREAS, SUCH AS INDONESIA - ALLIED
Capesize – Positive momentum was resumed this past week, with earnings mak-ing some gains once again. This rising pattern was reflected in th ...
Tuesday, 10 December 19
PREPARATIONS INTENSIFY AS IMO 2020 GLOBAL SULPHUR CAP LOOMS - STANDARD CLUB
With less than a month to go for the impending IMO 2020 global sulphur cap, the club has started witnessing dispute cases relating to the measureme ...
Monday, 09 December 19
KOREA SOUTHERN POWER CO LTD IS INVITING OFFERS FOR MIN 3700 NCV COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for 160,000 Tons steam coal.
Acco ...
Saturday, 07 December 19
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Planning Commission, India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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