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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, 05 June 18
THINGS STILL LOOK TO BE PROMISING FOR THE DRY BULK MARKET OVER THE NEXT COUPLE OF MONTHS - GEORGE LAZARIDIS
Just as we thought the world was calming back down to reason, worries and frictions regarding global trade resurfaced this past week after a series ...
Tuesday, 05 June 18
INDONESIAN COAL PRICE REFERENCE IS GOING UP AGAIN
COALspot.com: According to latest ministerial decree No. 1857 K/30/MEM/2018 dated 4 June 2018, the Indonesian Coal Price Reference (HBA) up 7.91 pe ...
Saturday, 02 June 18
HOW CARBON UTILISATION WILL BE A KEY STEP IN INDIA'S CLIMATE STRATEGY - BENJAMIN SPORTON
For India, energy remains the key driver of growth, not only from an economic perspective but more importantly for accelerating social development. ...
Thursday, 31 May 18
SUPRAMAX: INDO/CHINA COAL RV IS GETTING FIXED AROUND $13K DELIVERY SINGAPORE - FEARNLEYS
Capesize
The Cape market has been on a downward trend for the past week.
According to Fearnleys, Oslo based broker, Brazil market ...
Wednesday, 30 May 18
HIGH PRICE, DMO ENCOURAGE COAL MINERS TO BOOST PRODUCTION - THE JAKARTA POST
A number of coal miners are planning to increase production by 10 percent in the second half of this year after a worldwide price increase.
Th ...
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- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Minerals Council of Australia
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Australian Coal Association
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- White Energy Company Limited
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
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