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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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Sunday, 05 April 15
FREIGHT RATES UNDER PRESSURE WEEK OVER WEEK
COALspot.com: The Indices fell on all segments and the market seemed to soften this week.
The BDI was almost lost 1.34% week over week and clo ...
Saturday, 04 April 15
BORYEONG POWER OF KOMIPO TO BUY TOTALED 695K MT OF HIGH AND LCV COAL
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids from coal producers, marketing companies, or traders to supply of 500000 Metr ...
Friday, 03 April 15
U.S WEEKLY COAL PRODUCTION STAYS FLAT
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 18.3 million short ...
Friday, 03 April 15
TOBA BARA'S PANDU SJAHRIR ELECTED AS NEW CHAIRMAN OF THE INDONESIAN COAL MINING ASSOCIATION
COALspot.com: Pandu Sjahrir, the Vice President Director & CFO of the Jakarta-listed PT Toba Bara Sejahtra — a subsidiary of PT Toba Seja ...
Thursday, 02 April 15
GOVERNMENT MUST WORK WITH MINING, NOT AGAINST IT - PANDU SJAHRIR
The Coal Face: The coal price has hit its lowest point in recent memory
My father used to say to me that his children are his biggest inv ...
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- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Posco Energy - South Korea
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
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