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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, 28 April 15
Q2' 15 FOB RICHARDS BAY COAL SWAP CLOSED 4.18% HIGHER FROM MONTH AGO
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 increased month over month and slightly week over week.
The Q2 swap ha ...
Monday, 27 April 15
U.S. COAL PRODUCTION FELL BELOW ONE BILLION SHORT TONS IN 2013 - EIA
COALspot.com: For the first time in two decades, U.S. coal production fell below one billion short tons to 984.8 million short tons in 2013 from 1, ...
Monday, 27 April 15
Q3' 2015 FOB NEWCASTLE COAL SWAP CLOSED 3.69% LOWER THAN Q2' 2015 PRICE OF $46.36
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery gained US$ 0.19 per MT (0.41%) month over month and US$ 0.78 week on week. ...
Monday, 27 April 15
CFR SOUTH CHINA COAL SWAP SLOWLY IMPROVED THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 0.74 (-1.41%) per MT month over month and increased US$ 0.43 ...
Sunday, 26 April 15
DRY BULK MARKET KEPT IMPROVING THIS WEEK; CAPES AND PANAMAXES SHOW A SLIGHT PICKUP IN RATES
COALspot.com: The freight market was stable this week as BDI closed at 600 points after improving 0.50 percent week over week.
The cape ...
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- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- White Energy Company Limited
- PTC India Limited - India
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
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