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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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Tuesday, 31 July 18
ENERGY MINISTRY REMAINS FIRM ON DMO POLICY FOR COAL - JP
The Energy and Mineral Resources Ministry has stressed that it will not cancel its policy on the domestic market obligation (DMO) for coal, as the ...
Saturday, 28 July 18
GOVERNMENT TO REVOKE COAL PRICE CAP POLICY - JP
The government plans to revise its domestic market obligation (DMO) on coal price next week during a high-level meeting with President Joko “ ...
Thursday, 26 July 18
A SUPRAMAX IS NOW PAID AROUND USD 21,500 FOR LOADING IN THE US GULF WITH DISCHARGE IN THE FAR EAST - FEARNLEYS
Cape
There has been a relatively strong summer period so far, and there is a strong week we have left behind us.
In the Pa ...
Thursday, 26 July 18
ASEAN COAL IMPORTS INCREASED IN 2Q' 18 COMPARED TO THE PRIOR YEAR; THIS TREND TO CONTINUE AS 56 GIGAWATTS OF NEW COAL PLANTS IN 24 COUNTRIES WORLDWIDE ARE EXPECTED TO COME ONLINE IN 2018 - PEABODY
Peabody announced its second quarter 2018 operating results, including revenues of $1.31 billion, income from continuing operations, net of income ...
Wednesday, 25 July 18
COAL MINER BUKIT ASAM'S PROFIT GROWS 50% IN FIRST HALF - JP
Coal miner Bukit Asam announced 50 percent profit growth to Rp 2.58 trillion (US$177.33 million) in the first half of 2018, on the back of a coal-p ...
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- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Parliament of New Zealand
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
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