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Wednesday, 25 March 15
MARKET INSIGHT: TANKER CHARTERING - KATERINA RESTIS
 The 1st of January 2015, as broadly reported, denoted the beginning date of new and progressive emission regulations for vessels operating within the Sulphur Emission Control Areas (SECAs) particularly established for the control and minimization of SOx and NOx emissions. As per MARPOL Annex VI new guidelines, vessels are obliged to burn bunkers with a maximum of 0.10% Sulphur content in the main, auxiliary engines and boilers, within the SECAs whereas up to December 2014, the Sulphur content limit was no more than 1.00%. The SECAs presently covers the North Ocean, Baltic Ocean, North American coastline and US Caribbean. Furthermore, existing EU Law already requires ships whilst in EU ports to use fuels with 0.1% Sulphur content while at berth, unless they use shore-side electricity.
In order for vessels to comply with the new requirements they need to switch to ultra-low Sulphur fuel types and currently the most viable option seems to be Low Sulphur Marine Gas Oil. The changeover from HFO to LSMGO sensibly poses technical and operational challenges as the two fuels operate at a different temperature, in addition to increased risk of thermal shocks to machinery, as well as the difference in viscosity that needs to be considered in order to avoid fuel pump failures. Vessels may also comply with the SOx/NOx restrictions with the use of Exhaust Gas Cleaning Systems that “clean” the emissions before released into the atmosphere though it should be noted that the installation costs remain substantial.
Furthermore, SOx emissions from shipping may also be controlled with the use of alternative fuels, LNG or bio-fuels. It is indicated that LNG use as a marine fuel remains cheaper than MGO and stands as a better choice in terms of reserve to production ratio. Its use to propel ships represents a “green” alternative, with 0% Sulphur content, while when ignited has nearly zero Oxide emissions. It does not affect the operational qualities of the vessel though specialized training for crew members is essential. Wartsila, Rolls Royce Marine, Mitsubishi and MAN are the main manufacturers of gas or dual fuel engines for ships. The technical, safety requirements and investment costs signify higher suitability for new-buildings. At present, the most immediate difficulty is the limited available infrastructure for bunkering the aforesaid vessels. Moreover, bio-fuels are an alternative to lower carbon concentration in the propulsion of ships. For instance, biodiesel and vegetable oils can be used partly in diesel engines or as an alternative for HFO consumption. However there is not sufficient practical experience and currently they are more expensive than oil products.
The employment of the new restrictions on how freight rates reflecting the new market criteria is yet to be integrated into charter-party agreements. The Worldscale Association published a fixed differential of $48.35 per mile to embody the cost of burning 0.1% Gasoil within the SECAs, compared to the 380 CST fuel oil grade delivered basis Rotterdam used to calculate Worldscale flat rates. Ship-Owners and brokers are incorporating new ways to negotiate the additional emerged costs into their charter contracts. The definition of these costs or which party should carry their burden, nevertheless still remains ambiguous.
To conclude with, the main industry debate is that of the ability of implementation of these new regulations rather than that of compliance. In essence, Owners need to evaluate any return on investment in new technology with the risks and remarkable increased costs of higher price of low-Sulphur fuel, but also the cost of technological failure caused by burning low-Sulphur fuel. In the longer term, the staging of compliance will most probably adjust to market conditions.
By Katerina Restis
Tanker Chartering
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 re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 13 May 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The EU governments in an effort to face their economic crisis individually are facing lack of political cohesion. This reflects back to each econom ...
Tuesday, 12 May 15
FOB INDONESIA COAL SWAP; DECLINED M-O-M AND W-O-W
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 0 ...
Tuesday, 12 May 15
FOB RICHARDS BAY COAL SWAPS: LOST W-O-W; GAIN M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and decreased week over week.
The Q3 swap h ...
Monday, 11 May 15
DRY BULK CARRIER ORDERS CRASH TO A TWENTY YEAR LOW - CLARKSONS
In the last four months dry bulk orders have fallen to 0.4m dwt per month, the lowest level since the 1990s. This is a massive 98% reduction from t ...
Monday, 11 May 15
HBA PRICE DIPS FURTHER; LOWEST RECORDED SINCE JANUARY 2009
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 61.08 per MT in May ...
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- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
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