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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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Saturday, 11 January 20
SUPRAMAX: INDONESIA COAL RUNS, A 58,000DWT SHIP WAS RUMOURED FIXED DELIVERY KALIMANTAN, REDELIVERY WEST COAST INDIA, IN THE $4,000S - BALTIC BRIEFING
Capesize
Closing out the first full trading week of 2020, the Capesize market is struggling to gain any solid positive upward traction. Opening ...
Friday, 10 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remains flat
China’s benchmark power coal price remained flat during the past week.
...
Thursday, 09 January 20
NEW IMO LIFEBOAT REQUIREMENTS ENTER INTO FORCE - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Three new compulsory IMO resolutions entered into force on 1 January 2020. These resolutions deal with the maintenance, t ...
Thursday, 09 January 20
INDIA'S NEW EASED MINING RULES TO ENHANCE FOREIGN PARTICIPATION IN COAL SECTOR: MINISTER
India’s cabinet has eased mining laws in a bid to attract foreign players to the domestic coal sector and reduce imports of the fuel, coal mi ...
Thursday, 09 January 20
SUPRAMAX: A NUMBER OF INDONESIAN ROUND TRIPS WERE REPORTED AT BELLOW USD 5,000 PD LEVELS - FEARNLEYS
Capesize
The Capesize market has hit new low's in the first week of the new year, with the West Australia route being fixed at USD 6.6 being ...
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- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- White Energy Company Limited
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
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