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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, 14 April 15
COAL OUTPUT FALLS AS PRICES CONTINUE TO LAG - JP
Coal output dropped by 21 percent in the first three months of the year as low prices for the commodity forced mining companies to reduce activitie ...
Tuesday, 14 April 15
SUB-BIT FOB INDONESIA COAL SWAPS FOR Q4 DELIVERY CRASHES THROUGH $44
COALspot.com: Indonesian coal swap for delivery Q2 2015 declined month on month and week over week.
The Q2 swap was declined US$ 2.25 (4.77%) ...
Monday, 13 April 15
Q2 FOB NEWCASTLE COAL SWAP CLOSED AT $45.28 PMT; DECLINED 7.50% M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.67 per MT (-7.50%) month over month and US$ 0.39 week on wee ...
Monday, 13 April 15
Q4 CFR SOUTH CHINA COAL SWAP CLOSED AT US$ 50.97
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.50 (-8.05%) per MT month over month and US$ 0.12 (-0 ...
Sunday, 12 April 15
INDONESIA TO INDIA FREIGHT RATE IS EXPECTED TO BE SOFT
COALspot.com: The freight market was steady, however the BDI was declined slightly week over week.
BDI dropped 1.36 pct and closed at 580 poin ...
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- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
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