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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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Sunday, 09 February 20
SUPRAMAX: THE ASIAN ARENA STRUGGLED, A 50,000DWT SHIP FIXING A COAL RUN FROM EAST KALIMANTAN TO INDIA AT $2,000 - THE BALTIC BRIEFING
Capesize
The Capesize market endured another dreadful week of calamitous rate level falls, as the usual season low Q1 period combined with rece ...
Friday, 07 February 20
CIL LOOKING TO TAP NON-POWER SECTORS FOR INCREMENTAL COAL, PTI REPORTED
The miner is looking to ramp up production to meet its targets for the current fiscal at a time when the economic slowdown is impacting demand for ...
Friday, 07 February 20
VIRUS - HIT CHINA MAY NEED MORE IMPORTS OF COAL. NOW COMES THE TRICKY PART - SHIPPING IT THERE: REUTERS
China’s domestic coal mines are struggling to ramp up production in the face of the ongoing coronavirus epidemic. That’s a situation th ...
Friday, 07 February 20
CORONAVIRUS IMPACTING THE GLOBAL SHIPPING INDUSTRY - BIMCO
The outbreak of the novel Coronavirus has dented market sentiment and spooked markets around the globe. When China sneezes, we all catch the flu. T ...
Thursday, 06 February 20
CAPE: WEAK SUPPLY/DEMAND RATIO THE STREETS REMAIN BLOODY FOR THE BIG SHIPS - FEARNLEYS
Cape: With still a weak supply/demand ratio the streets remain bloody for the big ships, and actual spot earnings are close to zero on main short-h ...
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- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Australian Coal Association
- Minerals Council of Australia
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- The University of Queensland
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- White Energy Company Limited
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
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