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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 06 July 18
HOW FLEET SIZE, CORPORATE PROFILE AND STRATEGY ARE DECIDING FACTORS IN SELECTING AN APPROPRIATE FINANCING STRATEGY - PWC
KNOWLEDGE TO ELEVATE
The challenges that shipping companies are facing when selecting an appropriate financing strategy during the current per ...
Friday, 06 July 18
INDIA: GOVT TO RELAX CURBS ON INDIAN FIRMS CHARTERING FOREIGN SHIPS - HINDU BUSINESS LINE
The Ministry of Shipping is clearly in reform mode. On the heels of the recent relaxation of the cabotage law, which allows foreign flag vessels to ...
Friday, 06 July 18
AUSTRALIAN NEWCASTLE SPOT COAL PRICES HIT $120 FOR 1ST TIME SINCE 2012 - REUTERS
Australian thermal coal prices have broken through $120 per tonne for the first time since 2012, driven up by strong consumption in Asia and spot m ...
Thursday, 05 July 18
WHAT THE FAILED GLENCORE-TOHOKU COAL TALKS MEAN FOR THE MARKET - REUTERS
Electric utilities in Japan and other Asian countries are driving blind when it comes to coal prices after the failure of Japan’s Tohoku Elec ...
Thursday, 05 July 18
INDONESIAN COAL PRICE REFERENCE HITS 74 MONTHS HIGH OF $104.65 A TON
COALspot.com: HBA keeps rising. According to latest ministerial decree No.1892 K/30/MEM/2018 dated 2 July 2018, the Indonesian Coal Price Reference ...
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- White Energy Company Limited
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- MS Steel International - UAE
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
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