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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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Saturday, 28 March 15
THE DRY BULK FLEET AT BREAKING POINT - CLARKSONS
The severe oversupply in the bulkcarrier fleet has contributed to the current trough in the dry bulk market, putting considerable financial pressur ...
Friday, 27 March 15
INDONESIA: NEW REGULATION REQUIRES LETTER OF CREDIT FOR EXPORT OF PRODUCTS FROM NATURAL RESOURCES
The Minister of Trade issued Ministerial Regulation No. 04/M-DAG/PER/1/2015 (“Regulation No. 4/2015”) on 5 January 2015. Regulati ...
Friday, 27 March 15
WEEKLY U.S COAL OUTPUT FALLS 1.7% W-W; 7.9% Y-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately totaled an estimated 18.2 million ...
Thursday, 26 March 15
CHINA IRON ORE IMPORT FOR THE FIRST 2 MONTHS DECLINED BY 1.2 % Y-O-Y; PANAMAX AUSSIE/CHINA ROUNDS BEING FIXED IN THE $4 -5K RANGE - FEARNLEYS
Handy
There has been more activity in both hemispheres this week. Especially the USG market has picked up with more cargoes for prompter dates en ...
Thursday, 26 March 15
RATES FOR THE SMALLER SIZE SEGMENT CONTINUED TO IMPROVE LAST WEEK - INTERMODAL
To see green across the board is a rare occurrence in the Dry Bulk market nowadays and while the upside in which last week closed off is not of the ...
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- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Dalmia Cement Bharat India
- Planning Commission, India
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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