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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, 10 August 18
U.S. COAL PRODUCTION TO DECLINE BY 1.8% IN 2019 BECAUSE COAL EXPORTS AND COAL CONSUMPTION ARE BOTH FORECAST TO DECREASE - EIA
EIA forecasts U.S. coal production will decline by 1.1% to 766 million short tons (MMst) in 2018 despite a 5.7% (6 MMst) increase in coal exports.
...
Thursday, 09 August 18
RIO TINTO COMPLETES SALE OF REMAINING COAL ASSETS
Rio Tinto has completed the sale of its remaining coal assets in Queensland, Australia, for $3.95 billion.
According to a noted post ...
Wednesday, 08 August 18
CHINA DEMANDS PREMIUM IRON ORE, COAL; MINERS MIXED IMPACT - FITCH RATINGS
China’s stricter environmental regulations and structural changes in its steelmaking industry boosts ongoing demand for high-quality iron ore ...
Wednesday, 08 August 18
SHIPPING MARKET INSIGHT - CHRISTOPHER WHITTY
Singapore's shipyard business has evolved over the decades, from shipbuilding and repairs to rig building. It's now evolving again, to cate ...
Friday, 03 August 18
PHEW! ASIA, EUROPE HEATWAVE PUSHES AUSTRALIA COAL PRICES TO 6-YEAR HIGH: REUTERS
Australian thermal coal prices have hit fresh six-year highs as a heatwave across the northern hemisphere has triggered a spike in demand for coal- ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- PTC India Limited - India
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Planning Commission, India
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
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