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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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- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Australian Coal Association
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
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