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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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- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- PTC India Limited - India
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- The University of Queensland
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
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