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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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Tuesday, 21 January 20
ASIA'S APPETITE FOR COAL GROWS, WITH CHINA THE KEY DECIDER - NIKKEI
Although renewable power generation is expected to rise significantly in Asia, India’s vast electricity needs will still underpin global dema ...
Tuesday, 21 January 20
THERMAL COAL PRICES SET FOR RECOVERY THIS YEAR AS OVERSUPPLY TIGHTENS - REUTERS
Thermal coal prices are expected to recover this year after losing around a third of their value last year as demand from some south-east Asian cou ...
Monday, 20 January 20
INDIA TO STOP SUBSTITUTABLE COAL IMPORT; CAN GO FOR AUCTION OF 100 FULLY EXPLORED NEW BLOCKS: JOSHI - PTI
The Cabinet recently approved promulgation of Mineral Laws (Amendment) Ordinance 2020 to amend Mines and Minerals (Development and Regulation ) Act ...
Monday, 20 January 20
CHINA DECEMBER COAL OUTPUT UP 2.4 PERCENT ON YEAR - STATS BUREAU: REUTERS
China produced 331.74 million tonnes of coal in December, up 2.4 percent on the year, the National Bureau of Statistics said on Friday.
...
Monday, 20 January 20
CHINA IMPORTED 124.4 MLN TONNES OF COAL FROM INDONESIA IN 2019, UP 15.1 PERCENT YOY - BANCHERO COSTA
China's coal imports raced ahead in 2019, surprising many who had expected that in the months of 2019 to come the government would clamp down s ...
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- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Planning Commission, India
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
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