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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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Tuesday, 05 May 15
OVERSUPPLY PUTTING INDONESIAN COAL PRICES UNDER PRESSURE
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$ 1 ...
Tuesday, 05 May 15
FOB RICHARDS BAY COAL SWAPS MOVE NORTH THIS PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and week over week.
The Q3 swap has increas ...
Monday, 04 May 15
FOB NEWCASTLE COAL SWAP Q1'16 PRICES SLIGHTLY LOWER COMPARED TO Q3'15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 1.38 per MT (3.12%) month over month and US$ 0.93 week on week. ...
Monday, 04 May 15
Q1' 2016 CFR SOUTH CHINA THERMAL COAL SWAP CLOSED HIGH THAN 2015 DERIVATIVES
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.15 (-0.29%) per MT month over month and increased US$ 0.07 ...
Sunday, 03 May 15
DRY BULK INDICES WEAKEN SLIGHTLY THIS WEEK
COALspot.com: The freight market was flat to weak for the week starting from 27 April. The BDI was fell around 2.17% closed at 580 points.
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- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Minerals Council of Australia
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- The Treasury - Australian Government
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
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