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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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Friday, 17 August 18
MALAYSIA'S MANJUNG 4 - WORLD COAL ASSOCIATION
According to the IEA’s Energy Access Outlook 2017 report, nearly all of those who gained access to electricity worldwide in the last 16 years ...
Thursday, 16 August 18
COAL PRODUCTION AT 37.11 PERCENT OF FULL-YEAR TARGET - THE JAKARTA POST
Indonesian coal production was recorded at 180 million tons on Wednesday, or 37.11 percent of the government’s 485 million target this year.
...
Thursday, 16 August 18
OIL MARKET HIGHLIGHTS - OPEC
Crude Oil Price Movements
In July, the OPEC Reference Basket increased marginally by 5¢ m-o-m to settle at $73.27/b. Oil futures saw mixed ...
Tuesday, 14 August 18
THE CAPESIZE MARKET HAS SHOWN A TREMENDOUS COURSE DURING THE PAST 12 MONTHS - THOMAS CHASAPIS
The Capesize market has shown a tremendous course during the past 12 months, having quickly climbed out of the “hole that it had found itself ...
Monday, 13 August 18
A 50,200 DWT FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA REDELIVERY CHINA IN THE LOW $10,000S - THE BALTIC BRIEFING
Capesize
Expectations of a further push in the market were largely unfulfilled last week as rates come under pressure in Asia as the North Atla ...
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Showing 1646 to 1650 news of total 6871 |
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- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- VISA Power Limited - India
- Economic Council, Georgia
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
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