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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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Friday, 21 February 20
INDIA: POTENTIAL INVESTORS SEEK MORE CLARITY ON COMMERCIAL COAL MINING NORMS - FINANCIAL EXPRESS
Potential private investors have sought more clarity on the pricing mechanism proposed for the much-anticipated auction for commercial coal mining. ...
Thursday, 20 February 20
CHINA RESUMES OVER 70 PCT COAL PRODUCTION CAPACITY AMID EPIDEMIC - XINHUA
China has resumed 70.2 percent of its coal production capacity with output recovering steadily amid the fight against the novel coronavirus epidemi ...
Thursday, 20 February 20
CHINA THERMAL COAL MARKET FACES 2-3 MONTH CORONAVIRUS SHORT SQUEEZE: NOBLE - REUTERS
China’s domestic thermal coal market faces a 2-3 month short squeeze as a rapidly spreading coronavirus outbreak curtails production more tha ...
Wednesday, 19 February 20
KOREA MIDLAND POWER INVITED BIDS FOR 1 MILLION TONS OF HCV AND LCV COAL FOR Q2- Q4 LOADING
COALspot.com: Korea Midland Power Co. Ltd, (KOMIPO). has issued an international tender for total 1 million MT of coal for April to December 2020 l ...
Wednesday, 19 February 20
GLENCORE WRITES OFF ALMOST $1 BILLION AT COLOMBIAN COAL MINES DUE TO FALLING EUROPEAN IMPORTS: BLOOMBERG
The economic case against European coal is proving too much for even Glencore Plc.
The world’s biggest coal shipper cut the va ...
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- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- The University of Queensland
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- PTC India Limited - India
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
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