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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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Monday, 30 March 15
WORST IS OVER FOR THE DRY BULK MARKET, BUT THE PAIN WILL REMAIN FOR YEARS TO COME, SAYS BIMCO CHIEF ANALYST - HELLENIC SHIPPING
The current demise of the dry bulk market isn’t one to go away anytime soon. That doesn’t mean that it can’t improve, with all sh ...
Monday, 30 March 15
Q3' 15 CFR SOUTH CHINA COAL SWAP: DECLINED 8.7% M-M; 12.77% Y-TO-D
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 5.00 (-8.70%) per MT month over month and US$ 1.33 (-2 ...
Monday, 30 March 15
Q2' FOB NEWCASTLE COAL SWAP CLOSED 4.47% HIGHER THAN Q4' CLOSING PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 5.42 per MT (-10.43%) month over month and US$ 1.60 (-3.32%) w ...
Sunday, 29 March 15
INDO - INDIA: SUPRAMAX & PANAMAX FREIGHT MARKET STEADY
COALspot.com: The freight market was almost stable as all segments slightly up except Panamax sector.
The BDI was up by just 0.85% week over w ...
Saturday, 28 March 15
IS NORTHERN EUROPE THE NEW MINING ELDORADO?
The Europe Mining 2015 Summit, organised by Global Summits organizer IRN on 17-18 June in Amsterdam, The Netherlands, will gather senior level repr ...
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- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Indika Energy - Indonesia
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
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