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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, 05 September 18
ASIAN DEMAND COULD CREATE DEFICIT IN GLOBAL LNG MARKET - FITCH RATINGS
Growing gas demand from Asia, particularly from China, could swing the liquefied natural gas (LNG) market into a deficit by 2022-2025, Fitch Rating ...
Tuesday, 04 September 18
SUPRAMAX: THE ASIAN SECTOR REMAINED ACTIVE WITH RATES STILL FIRM ESPECIALLY IN SE ASIA - BALTIC BRIEFING
Capesize
A turnaround in fortunes for the big ships, with a few slower days in the market. A build-up of tonnage and a lack of Brazil cargoes r ...
Thursday, 30 August 18
SUPRAMAX: CIS COAL TO FAR EAST WENT AT MID TENS AND TO SE ASIA AT CA USD 8000 - FEARNLEYS
Capesize
There was a slow start this week with holiday in UK on Monday. The index has been slowly coming off since then; The C5 route has seen ...
Wednesday, 29 August 18
MID-YEAR FY19 POWER OUTLOOK: IMPORTED COAL REQUIREMENT TO INCREASE DURING REMAINING FY19: IND-RA
India Ratings and Research (Ind-Ra) has maintained a stable-to-negative outlook on the Indian power sector for the remaining FY19, despite a rise i ...
Wednesday, 29 August 18
IMPACT ON CHARTERPARTIES - TIME TO ACT NOW : NORTH P&I CLUB
KNOWLEDGE TO ELEVATE
The challenges introduced by the global sulphur cap are not exclusively technical. The new limits are likely to impact co ...
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Showing 1631 to 1635 news of total 6871 |
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- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- The University of Queensland
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
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