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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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Monday, 25 November 19
COAL SUPPLY BY CIL TO POWER SECTOR DROPS OVER 8 PC TO 253 MT IN APRIL-OCTOBER - PTI
Supply of coal by state-owned CIL to the power sector registered a decline of 8.5 per cent to 253 million tonnes in the April-October period of thi ...
Monday, 25 November 19
A 53,000DWT SHIP FIXED AT $9,500 DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY VIETNAM - BALTIC BRIEFING
Capesize
After a week of value being eroded on the Capesize market, Friday brought improved sentiment across most of the routes. The 5TC averag ...
Monday, 25 November 19
KOWEPO INVITED 6.79 MILLION TONS OF (SUB)BITUMINOUS STEAM COAL BIDS
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for 6,798,000 tons of coal for 5 years ...
Friday, 22 November 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 22 November 19
FORTY PERCENT OF ADARO'S COAL SALES VOLUME IN 9M19 GOES TO THE SOUTHEAST ASIA REGION
PT Adaro Energy Tbk released its consolidated financial statements yesterday, for the nine month period, ending September 30, 2019.
...
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- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Australian Coal Association
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Planning Commission, India
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
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