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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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Sunday, 22 December 19
TRADING PLACES FOR 2020 - BALTIC EXCHANGE
In the sea of 2020 predictions, Saxo Bank’s Outrageous Predictions sail their own very unique course. For nearly 20 years the Danish investme ...
Saturday, 21 December 19
SUPRAMAX: A 63,000 DWT VESSEL, OPEN CIGADING, FIXED A TRIP VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $8,500 - BALTIC BRIEFING
Capesize
The Capesize market this past week has been attempting to recalibrate itself in consideration of weakening freight levels and increasi ...
Saturday, 21 December 19
SHIPPING'S SUPPLY AND DEMAND TRENDING OFF BALANCE - BIMCO
One of the most worrying trends that has developed recently – which will affect shipping demand in the years to come – is the falling t ...
Friday, 20 December 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 19 December 19
COAL POWER GENERATION CONTINUES TO DECLINE IN GERMANY: DESTATIS, XINHUA REPORTED
The volume of electricity generated in coal-fired power plants in Germany decreased “markedly” by 37 percent to 34 billion kilowatt-hou ...
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- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Australian Coal Association
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- White Energy Company Limited
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Planning Commission, India
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
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