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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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Friday, 24 April 15
CHINA IRON ORE MINE CLOSURES TO SLOW ON GOVERNMENT SUPPORT - FITCH
Fitch Ratings expects fewer Chinese iron ore mine closures in 2015 as the government takes steps to support the industry, which has been struggling ...
Friday, 24 April 15
IS INDIA THE 'NEW CHINA' WHEN IT COMES TO THE DRY BULK MARKET? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been feeling the “heat” of China’s slowdown and together with the industry’s own failings, with ove ...
Friday, 24 April 15
GLOBAL STEEL PRODUCTION OUTSIDE OF CHINA CONTINUES TO FARE VERY POORLY - JEFFREY LANDSBERG
COALspot.com: Data released this week showed that global crude steel production totaled approximately 138.05 million tons in March.
Wha ...
Friday, 24 April 15
WEEKLY U.S. COAL PRODUCTION ESTIMATE FALLS 5.7% FROM LAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.0 million short ...
Wednesday, 22 April 15
PANAMAX : ATLANTIC HOLDING ON TO THE GAINS OF THE PREVIOUS WEEK; PACIFIC BUSINESS SLID QUIETLY
COALspot.com: The Dry Bulk market managed to close off the week on a positive note last Friday, while as opposed to what we have been used to, it w ...
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- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- White Energy Company Limited
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
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