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