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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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Wednesday, 13 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
The improvements seen in the dry bulk market during the unexpectedly strong Q3 brought enthusiasm and optimism for a last quarter rally. Indeed as ...
Tuesday, 12 November 19
COAL IMPORTS AT MAJOR PORTS SLIP 18 PC TO 51 MT IN APRIL-OCTOBER - ECONOMIC TIMES
The Indian Ports Association (IPA), which maintains cargo data handled by these 12 ports, in its recent report, said "percentage variation fro ...
Monday, 11 November 19
EMINENT MARITIME ORGANIZATIONS AND INDIVIDUALS WERE HONORED
SHIPTEK 2019 Anchors in Greece for its 12th edition.
Eminent Maritime Organizations and Individuals were honored
Greec ...
Wednesday, 06 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
With less than two months before the end of the year, the shipping and refining industries have already taken measures and invested to accommodate ...
Monday, 04 November 19
COAL INDIA'S OCTOBER PRODUCTION MAY FALL 20% - PTI
Coal India’s production in October is likely to be 19-20 per cent lower at about 40 million tonne, as compared to 49.77 million tonne produce ...
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- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- PTC India Limited - India
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Australian Coal Association
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
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