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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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Wednesday, 04 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
Dry bulk freight rates rebounded last week, a development that came as a relief following the recent negative sentiment that prevailed in the marke ...
Wednesday, 04 December 19
INDONESIA REVIEWING RULES MANDATING COAL SALES TO LOCAL BUYERS: OFFICIAL - REUTERS
Indonesia is reviewing rules that require coal miners to sell a portion of their coal to local buyers, a government official said on Monday, as sup ...
Tuesday, 03 December 19
STABILITY AND COMPATIBILITY OF VERY LOW SULPHUR FUEL OILS - GARD
In order to meet increasing restrictions on the sulphur content in marine fuel as defined by MARPOL Annex VI Regulation 14.1.3, the characteristics ...
Monday, 02 December 19
COAL PRODUCTION IN INDIA UP BY 164.58 MT IN 5 YEARS - BUSINESS LINE
Raw coal production in the country has increased from 567.77 million tons (MT) in 2013-14 to 730.35 MT in 2018-19, Union Coal and Parliamentary Aff ...
Monday, 02 December 19
OPEC PREPS FOR OIL'S 2020 BALANCING ACT - WOOD MACKENZIE
What steps should OPEC and its non-OPEC partners take to keep the market in balance in 2020? Ahead of OPEC’s meeting in Vienna on 5 and 6 Dec ...
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- Deloitte Consulting - India
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- The University of Queensland
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Parliament of New Zealand
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Australian Coal Association
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
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