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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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Wednesday, 20 November 19
AUSTRALIA'S NEW HOPE POSTS 66% SURGE IN Q1 SALEABLE COAL OUTPUT - REUTERS
Australian coal producer New Hope Corp Ltd reported on Tuesday a 66% jump in saleable coal production in the first quarter, as output ramped up at ...
Wednesday, 20 November 19
THE IMO AND THE PRICE OF GAS OR THE IMPACT OF THE INTERNATIONAL MARITIME ORGANISATION'S SULPHUR 2020 LIMIT FOR MARINE FUEL OIL ON THE PRICE OF GAS - KING & SPALDING
The main bunker fuel for ships is High Sulphur Fuel Oil (HSFO, with sulphur up to 3.5% m/m (mass by mass)). This will all change on 1 January 2020 ...
Wednesday, 20 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
While the market expects the next OPEC meeting, there are still no clear signs indicating that the organization will keep supporting oil prices, wh ...
Monday, 18 November 19
CHINA RECORDS STABLE COAL PRODUCTION IN JAN-OCT: XINHUA
China’s raw coal output registered stable growth in the first 10 months, while its imports remained robust, official data showed.
...
Monday, 18 November 19
SUPRAMAX: IN THE INDONESIAN COAL BUSINESS, A 58KDWT VESSEL FIXED DELIVERY PHILIPPINES, REDELIVERY INDIA AT CLOSE TO $8,000 - BALTIC BRIEFING
Capesize
For most of the week the rates were nudging up under a flurry of activity in the Pacific as levels for the West Australia to China C5 ...
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- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- The Treasury - Australian Government
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
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