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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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Saturday, 30 November 19
PANAMAX: LEVELS IMPROVED IN THE PACIFIC MARKET TOO WITH $11,000 BEING CONCLUDED ON AN 81,000DWT SHIP FOR AN INDONESIA TO CHINA COAL TRIP - BALTIC BRIEFING
Capesize
The market has been well supported over the past week, led primarily by the Atlantic Basin. After bottoming last week, sentiment was s ...
Friday, 29 November 19
FITCHRATINGS MAINTAINS NEGATIVE 2020 OUTLOOK ON SHIPPING, AS TIGHTER SUPPLY HELPS, BUT SOFTER DEMAND DRAGS
Fitch’s Sector Outlook: Negative
We maintain a negative sector outlook for global shipping because of the forecast slowdown of ...
Friday, 29 November 19
INDONESIA PRODUCES 390 MLN TONNES OF COAL IN JAN-SEPT: MINISTER - REUTERS
Indonesia’s production of coal for the January-September period was 390 million tonnes, Energy and Mineral Resources Minister Arifin Tasrif s ...
Wednesday, 27 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the end of the fourth quarter is approaching, one could say that the wet market has maintained the strong pace observed during the third qu ...
Tuesday, 26 November 19
PREPARATIONS INTENSIFY AS 1 JANUARY 2020 GLOBAL CUT IN SULPHUR IN SHIP'S FUEL OIL LOOMS: IMO
“IMO 2020” requirements for ships to cut sulphur oxide emissions enter into effect in just over one month’s time. This will signi ...
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- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Australian Coal Association
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
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