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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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Monday, 11 May 15
API 5 FOB NEWCASTLE COAL SWAP; INCREASED M-O-M; DECLINED W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.62 per MT (1.41%) month over month and lost US$ 0.88 week on w ...
Monday, 11 May 15
CFR SOUTH CHINA COAL SWAP: DECLINED MOM AND WOW
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.46 (-0.90%) per MT month over month and US$ 0.28 (0. ...
Monday, 11 May 15
KOREA MIDLAND POWER INVITES BIDS FOR 140K MT OF 4600 NAR COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued a new tender to buy total 140,000 Metric Tons (MT) of Sub-bitumi ...
Sunday, 10 May 15
FREIGHT RATES TO REMAIN SOFT NEXT WEEK
COALspot.com: The freight market was flat to soft week over week except for the Cape Index which was up 7.32%. Cape index was closed at 616 p ...
Friday, 08 May 15
BUSIEST CAPESIZE DEMOLITION MARKET EVER - BIMCO
The activity on the demolition market is off to a good start in 2015 when looking at dry bulk tonnage.
The dry bulk market has long suffered f ...
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- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Australian Coal Association
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
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