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