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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, 01 February 20
THERMAL COAL MARKETS: 5 TRENDS TO WATCH OUT FOR IN 2020 - MINING REVIEW
The seaborne thermal coal market entered the year challenged by low priced LNG in the Atlantic and rapidly increasing supply in the Pacific.
&n ...
Saturday, 01 February 20
COAL IS NOT GOING ANYWHERE - MINING REVIEW
The coal sector is living under the constant threat of being blamed by environmentalists as being responsible for a world disaster called global wa ...
Saturday, 01 February 20
CIL PRODUCTION TO NOT EXCEED 640 MILLION TON IN FY20: OFFICIAL - PTI
Hit by disruptions due to a prolonged monsoon, mining major Coal India Ltd’s production in the current fiscal will not exceed 640 million ton ...
Saturday, 01 February 20
WHO PAYS FOR IMO 2020? - FREIGHT WAVES
The United Nations’ International Maritime Organization (IMO) implemented its low-sulfur fuel mandate on January 1, 2020. Full enforcement be ...
Friday, 31 January 20
EIA EXPECTS U.S. ELECTRICITY GENERATION FROM RENEWABLES TO SOON SURPASS NUCLEAR AND COAL
In the latest long-term projections, the U.S Energy Information Administration (EIA) projects electricity generation from renewable sources such as ...
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- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- GMR Energy Limited - India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
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