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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, 14 January 20
SHIPPING MARKET ANALYSIS - ALLIED SHIPBROKING
Uncertainty in the global geopolitical sphere seems to have not come to an end along with 2019, as 2020 commenced with renewed tensions between the ...
Tuesday, 14 January 20
DRY BULK MARKET: "THIS IS NOT THE END OF COAL" SAYS IEA - BALTIC EXCHANGE
A historic drop in coal-fired electricity generation will not sway global coal demand from its upward trajectory through to 2024, though growth wil ...
Saturday, 11 January 20
ARE YOU 95% CONFIDENT THAT YOUR VERY LOW SULPHUR FUEL IS ON SPEC AND MARPOL COMPLIANT? - GARD
KNOWLEDGE TO ELEVATE
Bunker fuel is a commodity and, like all commodities, is produced and sold according to specifications. Bunkers are usual ...
Saturday, 11 January 20
NEW PRICING COULD SPELL TROUBLE FOR CHINA'S COAL SECTOR - CHINA DIALOGUE
Benchmark coal tariffs have been the foundation of China’s electricity pricing since 2004 but this mechanism was replaced on January 1 with a ...
Saturday, 11 January 20
BALTIC BRIEFING TANKER REPORT - WEEK 2
VLCC
Escalating tensions between the USA and Iran, in addition to a continuing strong market, made for an interesting week, with rates firming ...
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- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- VISA Power Limited - India
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Australian Coal Association
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
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