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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, 07 April 15
SUB-BIT FOB INDONESIA COAL SWAP KEEPS DROPPING; DROPPED 2% W-W
COALspot.com: Indonesian coal swap for delivery Q2 2015 declined month on month and week over week.
The Q2 swap was declined US$ 2.44 (5.14%) ...
Tuesday, 07 April 15
Q3 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 55.96 PMT; DOWN 8.40% M-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has declined U ...
Monday, 06 April 15
INDONESIA'S HBA FIXED AT US$ 64.48 PMT FOR APRIL DELIVERY; DOWN 4.84% M-M
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 64.48 per MT in Apr ...
Monday, 06 April 15
FOB NEWCASTLE COAL SWAP DECLINED 12% MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 6.23 per MT (-12%) month over month and US$ 0.86 (-1.85%) week ...
Monday, 06 April 15
CFR SOUTH CHINA COAL SWAP FALL CONTINUES
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 5.96 (-10.37%) per MT month over month and US$ 0.98 (- ...
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- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- White Energy Company Limited
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
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