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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, 14 February 20
KOWEPO INVITED BIDS FOR 1.275 MILLION TONS OF MIN. 5,600 NCV COAL
COALspot.com: Korea Western Power Co. Ltd (KOWEPO). as a representative of five Korean Gencos has issued an international tender for total 1,275,00 ...
Friday, 14 February 20
IS THE US COAL INDUSTRY COMPLETELY BURNED OUT? -FORBES
This is the fourth of a multi-part series on the state of the main sources of energy in the US and how they compare globally. The series will cover ...
Friday, 14 February 20
FITCH RTGS: GLOBAL PORTS VULNERABLE TO CORONAVIRUS - RELATED VOLUME DECLINES
Global ports will see reduced trade volumes as a result of the coronavirus, COVID-19, which would become more severe should Chinese production take ...
Thursday, 13 February 20
INDIA: MAJOR PORTS SHOW MUTED GROWTH IN CARGO AS THERMAL COAL VOLUME SLIDES 15% - BUSINESS STANDARD
A sharp slide of 15 per cent in thermal coal volumes weighed on the performance of major ports during the period of April-January of FY20. The majo ...
Wednesday, 12 February 20
REFINING SET FOR A CHALLENGING 2020 - WOOD MACKENZIE
Downstream isn’t the glamorous end of the oil business. And in Big Oil, it’s typically dwarfed by upstream. Yet having been forced to r ...
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- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- MS Steel International - UAE
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- White Energy Company Limited
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Australian Coal Association
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
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