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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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Thursday, 06 February 20
CHINESE DEMAND KEY UNCERTAINTY FOR SEABORNE COAL MARKET IN 2020 - THE BRICS POST
Coal trader Noble Resources head of research Rodrigo Echeverri Cardozo had penciled in a 3 Mt drop in Chinese import demand for 2020, but it could ...
Wednesday, 05 February 20
CORONAVIRUS AND THE SHIPPING INDUSTRY - WATSON, FARLEY & WILLIAMS
The continued spread of Coronavirus and governmental measures to minimise the impact is likely to affect the shipping industry and supply chain.
...
Wednesday, 05 February 20
INDONESIA'S COAL PRICE REFERENCE UP 1.46% IN FEBRUARY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Wednesday, 05 February 20
MARKET INSIGHT - INTERMODAL
The oil and gas industry benefitted from a strong and solid ground in the previous year. We witnessed a slow but steady increase in bunker’s ...
Wednesday, 05 February 20
RUSSIA EXPORTED 28.6 MLN TONNES OF LNG IN 2019 - REFINITIV
A lot of attention has been paid recently on the surge in LNG exports from the United States. However, another country which is seeing truly expone ...
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- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- VISA Power Limited - India
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