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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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Thursday, 26 March 15
KYUSHU ELECTRIC POWER OF JAPAN HAS JOINED GLOBALCOAL ONLINE COAL TRADING PLATFORM
globalCOAL® announced today that Kyushu Electric Power, one of Japan’s largest utility companies, has joined its online coal trading plat ...
Wednesday, 25 March 15
AUSTRALIA SET TO ONCE AGAIN BE THE WORLD'S LARGEST COAL EXPORTER - COAL, MINERALS COUNCIL OF AUSTRALIA
Greg Evans, Executive Director - Coal, Minerals Council of Australia
Media Release: The latest Resources and Energy Quarterly published by the ...
Wednesday, 25 March 15
AUSTRALIA UPSTREAM ENERGY FIRMS FACE RISING OIL PRICE EXPOSURE - FITCH
Fitch Ratings says the Australian oil and gas companies involved in exploration and production face higher exposure to oil price-linked revenues, w ...
Wednesday, 25 March 15
2014 : UK COAL IMPORTS DECLINED 17%; GERMANY COAL IMPORTS UP 6%
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Tuesday, 24 March 15
A WEAK WEEK FOR FOB INDONESIA COAL SWAP
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 2.48 (5.12%) month ...
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- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- The University of Queensland
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Australian Coal Association
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- White Energy Company Limited
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