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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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Thursday, 30 April 15
IRON ORE EXPORTS: A DANGEROUS RACE? - CLARKSONS
The surge in iron ore exports in recent years has resulted in a significant decrease in iron ore spot prices, which dipped to a ten year low of bel ...
Thursday, 30 April 15
IRON ORE PLAYS EXPECTED TO SHAPE UP MAY DRY BULK SCHEDULE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Market plays in the iron ore commodities’ markets, are expected to carve out the future demand for the shipping industry as well, said Allied ...
Wednesday, 29 April 15
MARKET INSIGHT - INTERMODAL
The figures of China’s slowing down imports of coking coal for the first quarter of the year are coming to confirm what everybody was expecti ...
Wednesday, 29 April 15
SHIPBUILDERS START OFFERING DISCOUNTS FOR DRY BULK NEWBUILDINGS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It took a while, but now it appears that some shipbuilders are beginning to adjust their price lists to the new grim reality of the dry bulk market ...
Tuesday, 28 April 15
FOB INDONESIA COAL SWAP DECLINED M-O-M; INCREASED W-O-W
COALspot.com: Indonesian coal swap for delivery Q2 2015 gained week over week but declined month on month.
The Q2 swap was declined US$ 0.15 ( ...
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- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- The University of Queensland
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
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