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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, 30 January 20
PRIVATE SECTOR COMPANIES SEEK 'LEVEL PLAYING FIELD' FOR COAL BLOCK AUCTION - PTI
Private sector companies scouting opportunities for commercial coal mining in the country are seeking a “level playing field” to encour ...
Thursday, 30 January 20
CAPE: WITH CHINESE NEW YEAR TAKING PLACE, THE RATES ARE REACHING FURTHER DISAPPOINTING LEVELS - FEARNLEYS
Cape
With Chinese New Year taking place, the rates are reaching further disappointing levels. Present TC average is below USD 4,500, off 24% fr ...
Wednesday, 29 January 20
INDONESIA REMAINS AT THE TOP SPOT IN 2019 AS THE LARGEST SUPPLIER OF COAL TO INDIA WITH 91.3 MLN TONNES - BANCHERO COSTA
Despite repeated promises from India’s government to reduce the country’s coal imports and increase domestic self-reliance, volumes jus ...
Wednesday, 29 January 20
MARKET INSIGHT - INTERMODAL
Last week Libya’s oil production operations were disrupted as it was reported that local Libyan tribes interrupted output at the the El Feel ...
Tuesday, 28 January 20
INDONESIA - UNCERTAINTY OVER AVAILABILITY OF LSFO - THE STANDARD CLUB
The club has received reports that low sulphur fuel is not currently readily available in all Indonesian ports and that there are local shortages.
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- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- The University of Queensland
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Economic Council, Georgia
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
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