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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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Saturday, 28 March 15
THE DRY BULK FLEET AT BREAKING POINT - CLARKSONS
The severe oversupply in the bulkcarrier fleet has contributed to the current trough in the dry bulk market, putting considerable financial pressur ...
Friday, 27 March 15
INDONESIA: NEW REGULATION REQUIRES LETTER OF CREDIT FOR EXPORT OF PRODUCTS FROM NATURAL RESOURCES
The Minister of Trade issued Ministerial Regulation No. 04/M-DAG/PER/1/2015 (“Regulation No. 4/2015”) on 5 January 2015. Regulati ...
Friday, 27 March 15
WEEKLY U.S COAL OUTPUT FALLS 1.7% W-W; 7.9% Y-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately totaled an estimated 18.2 million ...
Thursday, 26 March 15
CHINA IRON ORE IMPORT FOR THE FIRST 2 MONTHS DECLINED BY 1.2 % Y-O-Y; PANAMAX AUSSIE/CHINA ROUNDS BEING FIXED IN THE $4 -5K RANGE - FEARNLEYS
Handy
There has been more activity in both hemispheres this week. Especially the USG market has picked up with more cargoes for prompter dates en ...
Thursday, 26 March 15
RATES FOR THE SMALLER SIZE SEGMENT CONTINUED TO IMPROVE LAST WEEK - INTERMODAL
To see green across the board is a rare occurrence in the Dry Bulk market nowadays and while the upside in which last week closed off is not of the ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- The University of Queensland
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
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