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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, 23 August 18
SUPRAMAX: SOME FRESH COAL CARGOES APPEARED IN SE ASIA, GIVING A BIT PRESSURE ON RATES FOR END AUGUST SHIPMENTS - FEARNLEYS
Capesize
Slightly softer but generally very healthy for the big ships, with limited supply of early tonnage and positive Brazilian ore export v ...
Wednesday, 22 August 18
KOMIPO INVITES BIDS FOR 480K TONS OF BITUMINOUS COAL FOR BORYEONG POWER PLANT & SHIN BORYEONG POWER PLANTS
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 480,000 mt of min. 5700 NAR coal of Australian origi ...
Wednesday, 22 August 18
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
During the most quite week of the summer period we witnessed a trade war between United States and Turkey. A battle, which started with the arrest ...
Monday, 20 August 18
SUPRAMAX: OVERALL IT WAS A POSITIVE WEEK FOR THE BSI INDEX WITH GAINS MADE - THE BALTIC BRIEFING
Capesize
A week of largely unfulfilled expectations with holidays again curbing activity. Rates remained essentially healthy, but despite bad wea ...
Friday, 17 August 18
DO ARBITRATION AGREEMENTS IN BILLS OF LADING BIND THEIR HOLDERS? - WFW
KNOWLEDGE TO ELEVATE
Bills of lading are a crucial part of the security package traditionally sought by trade finance providers.
...
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- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Planning Commission, India
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- ICICI Bank Limited - India
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
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