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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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Saturday, 16 November 19
LIFE AFTER FOSSIL FUELS: THE DAYS OF OIL AND COAL TRANSPORTATION ARE NUMBERED - BALTIC EXCHANGE
With the world fiercely focused on a decarbonised future, fossil fuel movers and traders might rightly be reconsidering their future. But cast a wi ...
Saturday, 16 November 19
OIL MARKET REPORT: PAUSING TO REFLECT - IEA
Global oil demand in 3Q19 increased by 1.1 mb/d year-on-year (y-o-y), more than double the 435 kb/d seen in 2Q19. China’s demand increased by ...
Friday, 15 November 19
RISING ENERGY DEMAND IN SOUTHEAST ASIA TO BE MET AND SUPPORTED BY COAL - WORLD COAL
Last week the International Energy Agency (IEA) released its semi-annual Southeast Asia Energy Outlook report which outlines the latest insights in ...
Thursday, 14 November 19
EIA EXPECTS U.S. STEAM COAL EXPORTS TO FACE INCREASING COMPETITION FROM EASTERN EUROPEAN SOURCES
EIA expects total U.S. coal production in 2019 to total 698 million short tons (MMst), an 8% decrease from the 2018 level of 756 MMst. The decline ...
Wednesday, 13 November 19
INDONESIAN NOVEMBER COAL PRICE REFERENCE LOGS FIRST GAIN SINCE AUGUST
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
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- Indonesian Coal Mining Association
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- MS Steel International - UAE
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- The University of Queensland
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
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