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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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Monday, 29 October 18
IMPLEMENTATION OF SULPHUR 2020 LIMIT - CARRIAGE BAN ADOPTED - IMO
An amendment to support consistent implementation of the forthcoming 0.50% limit on sulphur in ships fuel oil was adopted by the International Mari ...
Monday, 29 October 18
SUPRAMAX: THE ASIAN AREA SAW FALLING RATES, WITH A 61,000DWT FIXING DELIVERY KOHSICHANG TRIP VIA INDONESIA, REDELIVERY INDIA, AT $10,500 - BALTIC BRIEFING
Capesize
A market of two halves for most of the week with rates in the Atlantic firming and easing in the East for most of the week, but then, ...
Friday, 26 October 18
SHIP OPERATING COSTS EXPECTED TO RISE IN 2018 AND 2019 - MOORE STEPHENS
Total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.
...
Friday, 26 October 18
SEVERAL CONTRACTIONS IN GLOBAL STEEL PRODUCTION - JEFFREY LANDSBERG
World Steel Association data released today shows that global crude steel production totaled approximately 151.7 million tons in September. T ...
Thursday, 25 October 18
WHAT DOES THE "IMO 2020" REGULATION REALLY SAY? A QUICK GUIDE - BIMCO
KNOWLEDGE TO ELEVATE
The shipping industry has all eyes firmly fixed on the topic, but what exactly do the “IMO 2020” global sulph ...
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- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Australian Coal Association
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
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