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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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- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Planning Commission, India
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Australian Coal Association
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
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