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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, 10 July 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
The trade dispute saga continued over the past week, as new tariffs were put into force on Friday in both the U.S. and China and have already taken ...
Tuesday, 10 July 18
SUPPORTING SULPHUR 2020 CONSISTENT IMPLEMENTATION - IMO
An IMO working group is meeting (9-13 July) to develop guidelines to support the consistent implementation of the 0.50% limit for the sulphur conte ...
Monday, 09 July 18
RISING COAL PRICES LIFTING AUSTRALIA'S EXPORT REVENUES BUT INVESTORS STAYING AWAY - NEWCASTLE HERALD
Newcastle coal prices have risen more than 40 per cent in a year to be at their highest levels for seven years but the industry is becoming increas ...
Saturday, 07 July 18
SUPRAMAX: THE ASIAN MARKET STRUGGLED; A 57K-DWT WAS REPORTED FIXED BASIS DELIVERY SINGAPORE FOR A TRIP VIA INDONESIA REDELIVERY INDIA AT $12K
Capesize
A punchy week for the big ships that saw Atlantic rates soar, with the tonnage list tight prompting charterers to split cargoes, thoug ...
Friday, 06 July 18
COAL PRICES HAVE REMAINED STRONG BUT ARE SET TO DECLINE - NAB
Coal spot prices have been highly volatile in recent years, with an upward trend since recent lows in April 2018, National Australia Bank says in i ...
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- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Economic Council, Georgia
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- PTC India Limited - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
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