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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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Tuesday, 18 February 20
ADARO REMAINS POSITIVE ON THE LONG-TERM FUNDAMENTALS OF COAL MARKET SUPPORTED BY THE SOUTHEAST ASIA AND SOUTH ASIA REGION
The global seaborne thermal coal market in 2019 was faced with macro and industry challenges which pushed international coa ...
Tuesday, 18 February 20
CORONAVIRUS AND ITS IMPACT ON YOUR CONTRACT - CAN YOU RELY ON 'FORCE MAJEURE'? - INCE
KNOWLEDGE TO ELEVATE
On 30 January 2020, the World Health Organization (WHO) declared that the outbreak of the Novel Coronavirus (officially t ...
Monday, 17 February 20
IMO-2020 SULPHUR CAP - ISSUES TO CONSIDER PRIOR TO THE IMPLEMENTATION OF THE CARRIAGE BAN ON 1 MARCH 2020 - STANDARD CLUB
With the IMO 2020 global sulphur cap now in force, members should bear in mind another significant date in relation to the ‘carriage ban&rsqu ...
Monday, 17 February 20
COVID-19: THE EFFECT OF THIS PUBLIC HEALTH EMERGENCY ON CHARTERPARTY TERMS - GARD
KNOWLEDGE TO ELEVATE
Is it useful to compare the COVID-19 with earlier disease outbreaks?
A comparison with the Ebola outbreak ...
Saturday, 15 February 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - REUTERS
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Planning Commission, India
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- The University of Queensland
- PTC India Limited - India
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
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