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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, 03 August 18
HBA HAS RISEN 28.41 PER CENT IN A YEAR TO BE AT THEIR HIGHEST LEVELS SINCE JANUARY 2012
COALspot.com: The benchmark price of Indonesian thermal coal has risen 28.41 per cent in a year to be at their highest levels since January 2012.&n ...
Thursday, 02 August 18
INDO / CHINA COAL RV'S IS PAYING AROUND USD 11,000 TO SUPRAS BSS DELIVERY SINGAPORE - FEARNLEYS
Capesize
The counter seasonally strong market during the summer months bodes well for the remainder of the year.
According ...
Wednesday, 01 August 18
JOKOWI CANCELS PLAN TO REVOKE COAL DMO - JP
President Joko "Jokowi" Widodo on Tuesday has canceled the government’s plan to revoke the domestic market obligation (DMO) for coa ...
Wednesday, 01 August 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
The dry bulk market activity over the past four weeks has remained stable when compared to the previous months. There are concerns with regards to ...
Tuesday, 31 July 18
INDONESIA UNLIKELY TO CHANGE COAL SUPPLY, PRICING RULES UNTIL 2019 - REUTERS
Indonesia is unlikely to change its rules on domestic coal supply and pricing until 2019, Coordinating Maritime Minister Luhut Pandjaitan said on M ...
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- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- VISA Power Limited - India
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- White Energy Company Limited
- Parliament of New Zealand
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
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