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