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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, 12 September 18
MARINE BUNKERS: THE END OF THE WORLD AS WE KNOW IT - IBIA
KNOWLEDGE TO ELEVATE
The world of bunkers is heading for rapid and fundamental changes and not just because of the 0.50% sulphur cap in 2020. ...
Wednesday, 12 September 18
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
A recovery in the shipping market since last year has buoyed optimism amongst the people in the industry. Yet if you are to ask most ship-owners if ...
Monday, 10 September 18
HANDYSIZE: PERIOD ACTIVITY REMAINED LIMITED WITH A 37,000DWT REPORTEDLY FIXED FOR FOUR TO SIX MONTHS AT $10,500, OPEN IN MALAYSIA IN MID-SEPTEMBER - BALTIC BRIEFING
Capesize
Rates came under pressure for the big ships last week, despite paper values holding at reasonable levels as these trades continued to ...
Thursday, 06 September 18
INDONESIAN COAL PRICE REFERENCE FALLS FOR FIRST TIME IN 3 MONTHS
COALspot.com: The benchmark price of Indonesian thermal coal falls for first time in three months.
According to the latest min ...
Thursday, 06 September 18
SUPRAMAX: SE ASIA-INDO ROUNDS WITH COAL HAVE BEEN CONCLUDED IN THE $13000S RANGE - FEARNLEYS
Capesize
The big ships experiencing a bump in the road towards what is commonly expected to be by far the best period of this year. Average dai ...
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Showing 1626 to 1630 news of total 6871 |
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- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
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