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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, 16 January 20
SUPRAMAX: INDO/CHINA ROUND VOYAGE FIXING AROUND LOW/MID USD 6,000 BSS APS INDO - FEARNLEYS
Capesize
Still very rough seas for the big ships, with the majority of the fleet trading Far East or fronthaul and consequently earning far les ...
Wednesday, 15 January 20
ASIA PACIFIC GAS AND LNG - 6 THEMES TO WATCH IN 2020 - WOOD MACKENZIE
NEWS RELEASE
Wood Mackenzie has identified six themes that will impact Asia Pacific’s gas and LNG markets in 2020
Asian LNG spot pr ...
Wednesday, 15 January 20
PREDICTIONS FOR 2020: 'SLOWBALISATION" IS THE NEW GLOBALISATION - PWC
Projecting what the future holds is an important exercise for businesses looking to plan ahead. Below we present a summary of some of the themes we ...
Tuesday, 14 January 20
SOLAS AMENDMENTS ENTERING INTO FORCE 1 JANUARY 2020 - STANDARD CLUB
While the latest amendments to MARPOL annex VI which entered into force on 1 January 2020 limiting the SOx emissions from ships has been the centre ...
Tuesday, 14 January 20
MABUX: BUNKER MARKET THIS MORNING, JAN.14
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed insignificant and i ...
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- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Bhatia International Limited - India
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
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