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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, 18 January 20
BIMCO: LOW-SULPHUR FUEL SALE JUMPS TO A 70% SHARE IN SINGAPORE, AS THE IMO 2020 SULPHUR CAP KICKS IN
The final quarter of 2019 marked a massive decline of HSFO sales, as the industry transitioned into compliance of the IMO 2020 Sulphur Cap (IMO2020 ...
Saturday, 18 January 20
GERMAN STEAM COAL IMPORTS IN 2019 PLUMMETED BY 17 % - COAL IMPORTERS ASSOCIATION
Press Release: According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), world trade in h ...
Saturday, 18 January 20
A 61,400 DWT FIXED FROM SOUTH EAST ASIA DELIVERY EAST KALIMANTAN REDELIVERY WEST COAST INDIA IN THE LOW $7,000S - BALTIC BRIEFING
Capesize
The market was relatively stable over this past week putting an end to the past months of more extreme declines. While the Capesize 5T ...
Friday, 17 January 20
EIA ESTIMATES THAT U.S. COAL PRODUCTION DECLINED BY 65 MMST (9%) TO 690 MMST IN 2019. IN 2020, COAL PRODUCTION WILL DECLINE BY A FURTHER 14% TO 597 MMST
U.S. Coal Supply.
EIA estimates that U.S. coal production declined by 65 million short tons (MMst) (9%) to 690 MMst in 2019. In 2020, EIA ...
Friday, 17 January 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index, a gauge of coal p ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- CNBM International Corporation - China
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Australian Coal Association
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
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