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Wednesday, 15 January 20
SHIPPING MARKET INSIGHT - INERMODAL
 Happy New Year and all the best for IMO 2020 !!
The early days of IMO 2020 coming into force have certainly had an impact on the industry, but so far it seems that those who feared of major problems for global shipping have not been verified and it looks like we have avoided the destructive consequences. Lack of availability of the VLSFO, massive breakdowns of main engines from poor blends, detentions from non-compliance where just some of the warnings and the possible problems that many were expecting, and none of it has happened so far, at least to a widespread extent. It hasn't been smooth, but fortunately there hasn't been any disruption of the world trade.
Unavailability of the fuel which was for a long time the biggest concern does not seem to be an issue; compliant fuels are available and supply will only improve. Also, although it may be too soon to spot a pattern from the incompatibility from the fuel blends, so far there have been no major events.
From the world fleet of thousands of vessels, we have the first reported cases of breaches of compliance with the IMO2020, as the Chinese authorities have caught two vessels for low sulphur fuel violations. There can be fines or detentions but I would guess that it is still too early and the authorities are still a bit lenient on imposing strict penalties.
The biggest problem is the price of the fuel, which is very similar to MGO and very close to the highest levels that the shipowners have ever paid for heavy fuel. This is not entirely an IMO2020 effect, the high oil prices are mostly courtesy of the trade wars, torpedo attacks, air strikes, missile strikes and the other events that sent the oil price to the recent highs. However, the spread between the compliant fuels and the HFO, which is currently getting cheaper, has peaked from $280/mt up to more than $400/mt in some major bunkering ports and the fact is that most owners are experiencing high and uncertain heavy fuel oil price levels.
So this is good news for those owners who rushed to install scrubbers, invested millions and suffered 60 days or more of lost earnings. It's payback time for them as they get better charter rates and see their investment's payback time to get shorter and shorter.
We expect the 0.5% compliant fuel to get increasingly cheaper as more of the product becomes available, refinery inventory builds up, and as more companies and tankers/barges start delivering it. Furthermore, according to news agency Reuters, China has approved a long-awaited tax waiver on exports of the compliant fuel, paving the way for Chinese refiners to boost production of the 0.5%. Although initially shipments will focus on the coastal marine fuel market, this tax waiver will definitely impact both the supply and the price of the VLSFO.
Global shipping is a beast, an enormous organism, that at first seems to be very slow to react, but in fact once again it has proven to be very flexible and relatively quick in adapting. Most shipowners have been operationally well prepared in making the transition smooth and are now ready to focus in the commercial side of things and the shipping market itself.
By Theodore Ntalakos
SnP Broker
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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Monday, 24 February 20
CHINA SAYS MAJOR COAL FIRMS RESTORE 95% OF PRODUCTION CAPACITY - REUTERS
China’s coal companies controlled by the central government have resumed operations and are back at more than 95% of their capacity, an offic ...
Sunday, 23 February 20
SHIPPING INDUSTRY FACES $370 MILLION HIT FROM NEW PANAMA CANAL CHARGE - REUTERS
A new “freshwater” charge that came in this month to help the Panama Canal cope with climate change will cost the shipping industry up ...
Sunday, 23 February 20
A 57,000DWT SHIP FIXING DELIVERY SOUTH KALIMANTAN TRIP, REDELIVERY CJK, AT $7,600 - BALTIC BRIEFING
Capesize
The Capesize market found little to cheer about this week as it again endured remarkable lows. The Atlantic continued to improve, with ...
Saturday, 22 February 20
THE SURPRISING MOVE IN MARINE FUEL SPREADS - ING
Middle distillates tank
One of the biggest surprises since the implementation of new International Maritime Organization (IMO) sulphur regulati ...
Friday, 21 February 20
CAPE: AVERAGE NOMINAL DAILY EARNINGS STILL ADMITTEDLY UNCHANGED W-O-W AT BELOW US$3000 - FEARNLEYS
CAPE
The worst may just about be over for the big ships. Average nominal daily earnings still admittedly unchanged w-o-w at below US$3k, but sent ...
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- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Planning Commission, India
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Medco Energi Mining Internasional
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Australian Coal Association
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
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