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Wednesday, 25 July 18
TANKER MARKET INSIGHT - DIMITRIS KOURTESIS
 We are now into the second half of 2018, which so far has not been a fruitful year for tankers. With 2020 quickly approaching we need to consider the implications arising from the new fuel directives. 2020 seems to be the year that there will be a noticeable increase in the cost of moving cargo, with the forces driving costs upwards being either scrubbers and/or the increased demand for cleaner fuels.
The need for cleaner fuels will not only boost demand for product tankers though. Given the much higher crude oil quantities the production of these cleaner fuels requires compared to HFO, a boost in crude oil demand and a consequent support on crude tanker freight rates appears to also be in the cards.
The increase in fuel costs will definitely increase revenues but not profits. Therefore small owners with older, less efficient units, not capable of installing scrubbers, will be forced to either merge with larger companies, who have the cash flow to support financing, or in some cases will have to sell/ scrap and exit the industry. This filtering process will separate companies that managed to evolve and endure through the cycle and concurrently will correct the oversupply of tonnage, which drives rates in some cases well below their operating expenses today.
Vessels equipped with scrubbers or eco units will have a competitive advantage and owners will be able to fix periods at levels including a premium, as charterers will prefer to charter compliant and fuel efficient units. The market right now for a 1 year time charter, medium range non eco / non scrubber equipped tanker trading in clean petroleum products is around USD 13,000 per day. On the other hand, an eco/scrubber equipped unit would get approximately USD 14,500 - 15,000 per day for the same period.
We can identify that the difference of USD 1,500 - 2,000 per day is the premium charterers are paying in order to be 2020 compliant and have efficient units under their time charter. Apart from Ship owners/operators and charterers, it's also quite interesting to see how modern refineries are getting prepared for these changes. According to HSBC's research on IMO 2020, four of the most technically advanced refineries, S-oil, SK Innovation, Reliance Industries and Repsol are further upgrading and investing in their plants. They target to eliminate their HFO production by early to mid-2020. Specifically, SKI will focus on refining only very low sulphur fuel oil (VLSFO). The goal of these refineries is to find themselves in a position where, come 2020, they have substantially decreased– or even better entirely eliminated – the production of HFO.
Mr. T. Veniamis on behalf of the Union of Greek Ship Owners, stated that Greek ship owners are working hard to comply with the 2020 requirements (0.5% sulfur cap). He also stressed the importance that these cleaner fuels are – aside from compliant – also safe for both the crew and the ship itself. To conclude, the general sentiment particularly for Owners with units up to MR size without scrubbers, is to patiently wait and plan day by day, as the investment of installing scrubbers on older units may not make financial sense given today’s fundamentals.
By Dimitris Kourtesis
Tanker Chartering Broker
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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 02 November 18
COAL FETCHES 102% PREMIUM IN E-AUCTION, SURPASSING THE EARLIER HIGHEST OF 95% - FINANCIAL EXPRESS
Coal prices have received a premium of 102% in spot e-auction during September 2018, surpassing the earlier highest of 95% premium during the spot ...
Friday, 02 November 18
CHINA: COAL CONSUMPTION POSTS STRONG GROWTH ON BACK OF POWER GENERATION DEMAND - CHINA DAILY
China’s energy consumption experienced continuous rebound during the first three quarters in 2018, National Energy Administration announced o ...
Thursday, 01 November 18
IMO 2020 - EXPLORING THE OPTION OF SOX SCRUBBERS - SIDDHARTH MAHAJAN, GARD
KNOWLEDGE TO ELEVATE
There are four possible methods of compliance:
1.use VLSFO (very low Sulphur oil) or blends;
2,use dis ...
Wednesday, 31 October 18
INDIA: COAL IMPORTS SURGE ON DOMESTIC SHORT SUPPLY - HINDU
Shortage of thermal coal supply in India has pushed imports up to 85 million tonnes (mt) in the first half of the current fiscal compared to 75 mt ...
Wednesday, 31 October 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
Since the IMO’s 2020 global cap on sulphur in marine fuels is coming into force, ship-owners have to decide whether they will operate using e ...
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- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- The University of Queensland
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
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