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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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Thursday, 13 September 18
SUPRAMAX: INDO-INDIA COAL RUN WAS FIXED CLOSE TO $16000 ON ULTRA - FEARNLEYS
Capesize
Rates took a further drop in the beginning of the week, to later find a floor around mid-week reaching mid USD 7 level for c5 and just ...
Thursday, 13 September 18
SHIPPING IS INCREASINGLY CAUGHT IN THE TRADE WAR LINE OF CROSSFIRE - PETER SAND
Once again, the already long list of tariffed goods has been made even longer. Many more commodities were hit on 23 August, but September is likely ...
Wednesday, 12 September 18
THE INTERRELATIONSHIP BETWEEN LETTERS OF INDEMNITY AND CHARTERPARTY "TIME BAR" PROVISIONS - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Introduction
A recent English Court of Appeal decision provides important guidance on the applicability of charterpar ...
Wednesday, 12 September 18
IS LNG POISED FOR A NEW GROWTH CYCLE? - WOOD MACKENZIE
Gas needs to work for its long-term sustainability. But the mood music is upbeat. Just 18 months ago the LNG market was depressed, anticipating an ...
Wednesday, 12 September 18
U.S. TOTAL COAL EXPORTS TO BE 107 MMST IN 2018 AND 101 MMST IN 2019 - EIA
EIA forecasts U.S. coal production will decline by 1% to 768 million short tons (MMst) in 2018, despite a 10% (10 MMst) increase in coal exports.
...
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- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
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