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Wednesday, 25 March 15
MARKET INSIGHT: TANKER CHARTERING - KATERINA RESTIS
 The 1st of January 2015, as broadly reported, denoted the beginning date of new and progressive emission regulations for vessels operating within the Sulphur Emission Control Areas (SECAs) particularly established for the control and minimization of SOx and NOx emissions. As per MARPOL Annex VI new guidelines, vessels are obliged to burn bunkers with a maximum of 0.10% Sulphur content in the main, auxiliary engines and boilers, within the SECAs whereas up to December 2014, the Sulphur content limit was no more than 1.00%. The SECAs presently covers the North Ocean, Baltic Ocean, North American coastline and US Caribbean. Furthermore, existing EU Law already requires ships whilst in EU ports to use fuels with 0.1% Sulphur content while at berth, unless they use shore-side electricity.
In order for vessels to comply with the new requirements they need to switch to ultra-low Sulphur fuel types and currently the most viable option seems to be Low Sulphur Marine Gas Oil. The changeover from HFO to LSMGO sensibly poses technical and operational challenges as the two fuels operate at a different temperature, in addition to increased risk of thermal shocks to machinery, as well as the difference in viscosity that needs to be considered in order to avoid fuel pump failures. Vessels may also comply with the SOx/NOx restrictions with the use of Exhaust Gas Cleaning Systems that “clean” the emissions before released into the atmosphere though it should be noted that the installation costs remain substantial.
Furthermore, SOx emissions from shipping may also be controlled with the use of alternative fuels, LNG or bio-fuels. It is indicated that LNG use as a marine fuel remains cheaper than MGO and stands as a better choice in terms of reserve to production ratio. Its use to propel ships represents a “green” alternative, with 0% Sulphur content, while when ignited has nearly zero Oxide emissions. It does not affect the operational qualities of the vessel though specialized training for crew members is essential. Wartsila, Rolls Royce Marine, Mitsubishi and MAN are the main manufacturers of gas or dual fuel engines for ships. The technical, safety requirements and investment costs signify higher suitability for new-buildings. At present, the most immediate difficulty is the limited available infrastructure for bunkering the aforesaid vessels. Moreover, bio-fuels are an alternative to lower carbon concentration in the propulsion of ships. For instance, biodiesel and vegetable oils can be used partly in diesel engines or as an alternative for HFO consumption. However there is not sufficient practical experience and currently they are more expensive than oil products.
The employment of the new restrictions on how freight rates reflecting the new market criteria is yet to be integrated into charter-party agreements. The Worldscale Association published a fixed differential of $48.35 per mile to embody the cost of burning 0.1% Gasoil within the SECAs, compared to the 380 CST fuel oil grade delivered basis Rotterdam used to calculate Worldscale flat rates. Ship-Owners and brokers are incorporating new ways to negotiate the additional emerged costs into their charter contracts. The definition of these costs or which party should carry their burden, nevertheless still remains ambiguous.
To conclude with, the main industry debate is that of the ability of implementation of these new regulations rather than that of compliance. In essence, Owners need to evaluate any return on investment in new technology with the risks and remarkable increased costs of higher price of low-Sulphur fuel, but also the cost of technological failure caused by burning low-Sulphur fuel. In the longer term, the staging of compliance will most probably adjust to market conditions.
By Katerina Restis
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
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 re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 30 March 15
WORST IS OVER FOR THE DRY BULK MARKET, BUT THE PAIN WILL REMAIN FOR YEARS TO COME, SAYS BIMCO CHIEF ANALYST - HELLENIC SHIPPING
The current demise of the dry bulk market isn’t one to go away anytime soon. That doesn’t mean that it can’t improve, with all sh ...
Monday, 30 March 15
Q3' 15 CFR SOUTH CHINA COAL SWAP: DECLINED 8.7% M-M; 12.77% Y-TO-D
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 5.00 (-8.70%) per MT month over month and US$ 1.33 (-2 ...
Monday, 30 March 15
Q2' FOB NEWCASTLE COAL SWAP CLOSED 4.47% HIGHER THAN Q4' CLOSING PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 5.42 per MT (-10.43%) month over month and US$ 1.60 (-3.32%) w ...
Sunday, 29 March 15
INDO - INDIA: SUPRAMAX & PANAMAX FREIGHT MARKET STEADY
COALspot.com: The freight market was almost stable as all segments slightly up except Panamax sector.
The BDI was up by just 0.85% week over w ...
Saturday, 28 March 15
IS NORTHERN EUROPE THE NEW MINING ELDORADO?
The Europe Mining 2015 Summit, organised by Global Summits organizer IRN on 17-18 June in Amsterdam, The Netherlands, will gather senior level repr ...
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- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- MS Steel International - UAE
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
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