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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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Friday, 22 November 19
UNCERTAINTY IN THERMAL COAL MARKET PERSISTED IN 3Q19 - ADARO
Uncertainty in thermal coal market persisted in 3Q19, mainly due to the actions, or inactions, of China in setting policies for global coal market. ...
Friday, 22 November 19
CIL TO DEVELOP 55 NEW COAL MINES IN NEXT 5 YEARS: COAL MINISTER
State-owned CIL will develop 55 new coal mines and expand 193 existing ones in the next five years, Parliament was informed. The company is also un ...
Thursday, 21 November 19
4TH DEEP OFFSHORE WEST AFRICA CONGRESS 2020
4th Deep Offshore West Africa Congress 2020
17 Janaury 2020
Accra, Ghana
Press Release: Following the great succ ...
Thursday, 21 November 19
INDONESIA PLANS TO KEEP $70/T COAL PRICE CAP FOR PLN, DMO - REUTERS
Indonesia’s energy minister Arifin Tasrif said his ministry plans to maintain a price cap on coal being sold to state electricity utility, PT ...
Wednesday, 20 November 19
FOREIGN DIRECT INVESTMENTS IN COMMERCIAL COAL MINING IN INDIA? - DIPESH DIPU
In August 2019, Government of India announced its approval for Foreign Direct Investment (FDI) for coal mining, processing and sale. Not that FDI i ...
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- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- MS Steel International - UAE
- White Energy Company Limited
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- PTC India Limited - India
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- GMR Energy Limited - India
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
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