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