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Monday, 25 March 13
BUNKER FUELS ARE ABOUT TO GET CLEANER, BUT AT WHAT COST? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 The cost of bunkers is nowadays the driving force behind most ship owners' major decisions, with regulations bound to change in many parts of the world, imposing the burning of cleaner marine fuels and thus turning the shipping industry into one with a much lower environmental impact. According to the latest weekly report from shipbroker Gibson, bunker prices have fluctuated more than two fold in the last five years. "The average price of 380cst this year to date hovers around $635 pmt. The impact of bunker fuels on operational costs is substantial and has caused considerable damage to ship owner’s profitability. However with even tougher regulations and emission targets on the way, how will these changes affect the shipping industry?" asks Gibson.
The shipbroker notes that "as seaborne trade continues to grow, shipping plays a larger part in adding to the world’s ‘greenhouse gases’. Following political pressure to further reduce emissions from shipping , a new set of sulphur requirements within MARPOL Annex VI will be implemented on the 1st January 2015. Permissible sulphur levels in bunker fuel will be capped at 0.10%, from the current maximum of 1.0% within existing Emission Control Areas (ECA).
Although the European bunker market handled previous reductions in sulphur limits much better than expected, a common view is that the same cannot be envisaged in 2015; the UK Chamber of Shipping has said “shipping needs more time to prepare [before the 2015 cap]”, adding that neither time nor sufficient techhnology is currently available to support the changes. The shift in 2015 will mean most ships will use marine gas oil (MGO) while operating in ECAs, instead of heavy fuel oil. The premium of MGO over 1.0% LSFO 380 currrently stands at around 40% in Rotterdam. Although the price of this fuel is hard to project to 2015, it is expected that supply may not grow as quickly as demand and will therefore command an even higher premium during the initial stages after the 2015 inauguration. The increase in products available for export from the USS (see Gibson’s WTR - 15th Mar 2013) could offer the solution to lacking supplies, butt the natio n itself will need morre MGO too meet their own neww ECA requuirements. As various countries in the world compete for global supplies of sub 0.10% fuels, this could provide a boost for the MR tanker market" Gibson said.
It concluded by stating that "the next major issue is the proposed IMO legislation shifting all bunkers to less than 0.5% sulphur, due to be introduced globally in 2020. Lack of investment in Europe’s refining sector suggests it is highly unlikely there will be sufficient availability of low sulphur fuel oil to meet this requirement. The use of new technnologies - like scrubbers and LNG as the main fuel for propulsion -to meet the strict sulphur regulations may offer ship owners an alternative, but the shipping community needs to push the development of such technologies to capitalise on their potential and make them a commercially viable solution. Whilst there is huge uncertainty surrounding the scale of impact the new fuel regulations will have on the shipping industry, it appears the only certainty is that this issue is not going to go away anytime soon", Gibson said.
Meanwhile, in the crude tanker markets this week, in the Middle East, it was an "active week for VLCCs as charterers closed the book on March liftings, and started to tuck in heartily to the April programme. Owners managed to extract some advantage, but it was to a minimal extent, and any hopes for the market reaching critical mass seem rather faint. Rates topped out at WS 37.55 to the East and WS 19 to the West. Suezmaxes found only spasmodic action, and the lack of consistency, and plentiful availability, kept things pegged to around WS 30 West and WS 55 East for the duration. Next week looks set to stay rangebound too. Aframaxes tightened on early positions, allowing rates to creep to 80,000 by WS 85 to Singapore, but will stay at closer to WS 80 deeper into April" Gibson said.
In the North Sea, "as in the Med, the search for replacement tonnage gave Aframax Owners -and rates - a boost to 80,000 by WS 100+ cross UK Cont, and 100,000 by WS 100 also from the Baltic. By the weeks' end, however, Charterers immediate needs seemed satisfied, and owners moved once again onto the defensive. Suezmaxes got the odd knock, but no surprises...135,000 by WS 45 was seen transatlantic for no heat, and US$ 22.7 million paid to Singapore, also without heating costs. VLCCs weren’t left out either, but still slipped lower with a couple of deals reported at US$ 3.8 million for Fuel Oil to Singapore, despite the patchy availability" the London-based shipbroker said.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Friday, 15 February 13
SCRAPPING TO RISE AS BULKER OWNERS SUFFER - DREWRY MARITIME RESEARCH
Drewry's latest Dry Bulk Forecaster report suggests that cash-strapped shipowners will scrap younger and younger ships this year as the dry bulk ma ...
Thursday, 14 February 13
HANDY: ATLANTIC "STABLE"; PACIFIC "QUIET" - FEARNLEYS
Handy
The Atlantic remain stable with rates for FH from USG around USD 18k. The Pacific remains quiet due to Chinese New Year holidays. Rates were ...
Thursday, 14 February 13
BIMCO FORECASTS MOSTLY HIGHER DRY BULK RATES FOR THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Higher steel demand is expected to keep dry bulk rates elevated during the next six weeks, according to the latest BIMCO forecast. The Organization ...
Wednesday, 13 February 13
6TH ANNUAL CBM CONFERENCE
The 6th Annual CBM conference which will be held in Singapore on 18-21 June 201 offers comprehensive insights into leading CBM projects in the Asia- ...
Tuesday, 12 February 13
GOVERNMENT DECLARED INDONESIAN THERMAL COAL PRICE INCHES UP IN FEBRUARY
COALspot.com - The Indonesian government has declared bench mark price for coal has moved upwards in February 2013.
The monthly coal refere ...
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- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Planning Commission, India
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
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