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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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Saturday, 15 February 20
CHEN ZHIDA: NOVEL CORONAVIRUS - IMPLICATIONS FOR CHARTERPARTIES - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Last month, the Club issued a bulletin on the 2019 Novel Coronavirus (COVID-19) which explained the origin of the virus a ...
Saturday, 15 February 20
AFRAMAX: A MORE POSITIVE ATTITUDE EXISTED IN THIS SECTOR WITH RATES IMPROVING ON ALL ROUTES - BALTIC BRIEFING
VLCC
The market in the Middle East was unmoved this week, with Chinese refiners continuing to slow imports, allied with the impact of the Coron ...
Saturday, 15 February 20
A 56,000DWT VESSEL WAS CONCLUDED BASIS DELIVERY SINGAPORE VIA INDONESIA REDELIVERY CHINA IN THE LOW $6,000S - BALTIC BRIEFING
Capesize
Riding the downward momentum of the previous week, the market was always going to be hard pressed to make any sort of revival. With mu ...
Saturday, 15 February 20
U.S. COAL PRODUCTION WILL TOTAL 595 MMST IN 2020, DOWN 14% FROM 2019 - EIA
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019.
Lower ...
Friday, 14 February 20
WHY THE WORLD ECONOMY WILL BE FACING CHINA'S CORONAVIRUS FOR A LONG TIME - CNBC
Everywhere we look we see the headlines and commentators talking about the coronavirus and its impact on tourism, trade and investment between Chin ...
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- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Australian Coal Association
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
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