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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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Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
Wednesday, 24 October 18
CHINESE POWER PLANT STOCKPILES AT HIGHEST LEVEL SINCE 2015 - JEFFREY LANDSBERG
Chinese power plant coal stockpiles have climbed to approximately 83.3 million tons as of the middle of this month, said Jeffrey Landsberg in his e ...
Tuesday, 23 October 18
WILL THE U.S. COAL DECLINE CONTINUE? - FORBES
What’s Trump’s new coal proposal?
Adding to its controversial plan to leverage federal authority to keep retiring baselo ...
Monday, 22 October 18
CONTINUED HIGH LNG PRICES; TRADE WAR IMPACT LIMITED - FITCH RATINGS
Fitch Ratings expects sustained high spot liquefied natural gas (LNG) and contract prices over the next two quarters on limited investment in LNG e ...
Monday, 22 October 18
WINTER OIL MARKET OUTLOOK - OPEC
The oil market in the winter season is generally characterized by demand for diesel, particularly in the northern hemisphere, leaving product marke ...
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- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- VISA Power Limited - India
- Australian Coal Association
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- PTC India Limited - India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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