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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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Monday, 02 December 19
GREENER LNG IS VITAL TO ASIA'S SUSTAINABLE DEVELOPMENT - WOOD MACKENZIE
Asia struggles with the world’s worst air pollution. Delhi hit the headlines in November 2019 as levels spiked to such hazardous levels that ...
Monday, 02 December 19
5TH EAST & SOUTHERN AFRICA GAS & LNG CONFERENCE 2020
5th East & Southern Africa Gas & LNG Conference 2020
April 2-3
Maputo, Mozambique
5th East & Southern Afri ...
Monday, 02 December 19
5TH DEEPWATER EAST & SOUTHERN AFRICA CONGRESS 2020
5th Deepwater East & Southern Africa Congress 2020
April 2-3
Maputo, Mozambique
5th Deepwater East & Southern ...
Sunday, 01 December 19
6TH CENTRAL & EASTERN EUROPE NUCLEAR INDUSTRY CONGRESS 2020
6th Central & Eastern Europe Nuclear Industry Congress 2020
January 20-21 | Prague, Czech Republic
Overview
6th ...
Saturday, 30 November 19
IMO2020 GLOBAL SULPHUR CUT: GERMAN SHIPPING TO USE NEW TYPE OF FUEL VDR SURVEY
IMO2020 Global sulphur cut: German shipping to use new type of fuel VDR survey: Technical issues and costs are the biggest challenges - VDR
&nb ...
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- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Australian Coal Association
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
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