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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, 17 October 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last three months approximately 72 tankers changed hands involving ships larger than 33kdwt up to VLCC. 43 of those vessels had to do ...
Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Planning Commission, India
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
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