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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, 29 June 18
THE LBH GROUP AND RHENUS PLAN TO ESTABLISH A JOINT COMPANY
Press Release: The port services provider, the LBH Group, and the logistics specialist Rhenus, are planning to cooperate closely in the European in ...
Friday, 29 June 18
SUPRAMAX: INDO / CHINA COAL ROUNDS PAYING AROUND USD HIGH 11000 - FEARNLYS
Capesize
Its been an interesting week with a strong demand for ships out of Brazil, making C3 rates remain around USD 19 pmt said Fearnlys in i ...
Friday, 29 June 18
JAPAN'S TOHOKU ELEC, GLENCORE ABANDON APRIL-MARCH COAL CONTRACT TALKS - REUTERS
Japan’s Tohoku Electric Power Co Inc and Glencore Plc have abandoned talks on annual thermal coal supplies after failing to reach an agreemen ...
Wednesday, 27 June 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
After the abolishment of the trade embargo against Iran, there was a lot of optimism from the country’s side, as after quite some time a numb ...
Tuesday, 26 June 18
"ALWAYS ACCESSIBLE": ARRIVAL, DEPARTURE OR BOTH? - INCE & CO
KNOWLEDGE TO ELEVATE
An “always accessible” berth warranty is often used by an owner to transfer the risk of delays in berthing to ...
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Showing 1686 to 1690 news of total 6871 |
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- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
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