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