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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, 24 July 18
TANKER MARKET : IN TERMS OF TRADE, THE STEPS THAT WERE SLOWLY BEING TAKEN BY OPEC AND RUSSIA - GEORGE LAZARIDIS
Despite the fact that the tanker market still seems to be in the midst of a perfect storm, there are still strong indicators that better sailing da ...
Thursday, 19 July 18
VINACOMIN PRODUCES OVER 20 MLN TONNES OF RAW COAL FROM YEAR'S START - VNA
The Vietnam National Coal and Mineral Industries Group (Vinacomin) has produced over 20 million tonnes of raw coal and 19.3 million of clean coal f ...
Wednesday, 18 July 18
INDONESIA TO AUCTION 16 MINING SITES - JP
Indonesia will soon auction 16 mining sites as no proposal submissions have been submitted by state-owned enterprises (BUMN) and regional administr ...
Wednesday, 18 July 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
The new regulations for Chinese flag restricting import of Tier I ships have dominated market sentiment during the past days as buyers have been tr ...
Thursday, 12 July 18
SUPRAMAX: INDO/CHINA COAL RV IS BEING FIXED AROUND USD 10500 BSS SINGAPORE - FEARNLEYS
Capesize
Cape market continue to be extremely volatile says Fearnleys in its latst weekly report.
The further noted that, last week ended wi ...
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- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- CNBM International Corporation - China
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Australian Coal Association
- Coalindo Energy - Indonesia
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
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