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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, 26 June 18
A SHARP RISE IN THE PRICE OF CRUDE OIL WAS TO BE SEEN ON FRIDAY, ITS BIGGEST DAILY GAIN IN TWO YEARS - GEORGE LAZARIDIS
A sharp rise in the price of crude oil was to be seen on Friday, its biggest daily gain in two years, as OPEC reached a deal to raise output. Despi ...
Monday, 25 June 18
AUSTRALIA'S NEWCASTLE PORT SHIPPED 12.179 MT OF COAL IN MAY; DOWN 14.77% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,453.6 Mi ...
Monday, 25 June 18
COAL IN THE CROSSFIRE: CHINESE TRADERS WARY OF BEING BURNT BY TRADE WAR - REUTERS
At least three U.S. coal shipments on their way to China may end up casualties of the escalating trade dispute after Beijing said it would impose s ...
Saturday, 23 June 18
COAL GROUP TARGETS 9 PER CENT REVENUE SPIKE - VIET NAM NEWS
Viet Nam News reported, the Viet Nam National Coal and Mineral Industries Group (Vinacomin or TKV) is targeting VNĐ116.9 trillion (US$5.1 billion) ...
Thursday, 21 June 18
ROBUST ASIAN THERMAL COAL DEMAND CREATES OPPORTUNITIES FOR AUSTRALIA - MINERALS COUNCIL OF AUSTRALIA
Minerals Council of Australia reported, Australia’s world-class coal mining industry can create more jobs in Australia and strengthen t ...
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- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- The University of Queensland
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Central Java Power - Indonesia
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