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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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Wednesday, 08 January 20
WHAT IS BIMCO THINKING ABOUT 2020? - BIMCO
Every year, BIMCO considers what is in store for the shipping industry and for BIMCO in the coming years, while also reflecting on the year gone by ...
Wednesday, 08 January 20
VINACOMIN SETS TO SELL 49 MILLION TONNES OF COAL IN 2020 - VIETNAM NET
The Vietnam National Coal-Mineral Industries Holding Corporation Limited (Vinacomin) has set to sell 49 million tonnes of coal in 2020, a year-on-y ...
Wednesday, 08 January 20
CHINA'S COAL-RICH PROVINCE CUTS 18.95 MLN TONNES OF CAPACITY IN 2019 - XINHUA
North China’s Shanxi Province reduced its coal production capacity by 18.95 million tonnes by closing 18 coal mines in 2019.
A ...
Wednesday, 08 January 20
JANUARY INDONESIAN COAL PRICE REFERENCE SLIPS US$ 0.37 MOM
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Tuesday, 07 January 20
CLEANER AIR IN 2020: 0.5% SULPHUR CAP FOR SHIPS ENTERS INTO FORCE WORLDWIDE - EUROPEAN COMMISSION
From 1 January 2020, the maximum sulphur content of marine fuels is reduced to 0.5% (down from 3.5%) globally – reducing air pollution and pr ...
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- White Energy Company Limited
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
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