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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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Thursday, 26 March 15
KYUSHU ELECTRIC POWER OF JAPAN HAS JOINED GLOBALCOAL ONLINE COAL TRADING PLATFORM
globalCOAL® announced today that Kyushu Electric Power, one of Japan’s largest utility companies, has joined its online coal trading plat ...
Wednesday, 25 March 15
AUSTRALIA SET TO ONCE AGAIN BE THE WORLD'S LARGEST COAL EXPORTER - COAL, MINERALS COUNCIL OF AUSTRALIA
Greg Evans, Executive Director - Coal, Minerals Council of Australia
Media Release: The latest Resources and Energy Quarterly published by the ...
Wednesday, 25 March 15
AUSTRALIA UPSTREAM ENERGY FIRMS FACE RISING OIL PRICE EXPOSURE - FITCH
Fitch Ratings says the Australian oil and gas companies involved in exploration and production face higher exposure to oil price-linked revenues, w ...
Wednesday, 25 March 15
2014 : UK COAL IMPORTS DECLINED 17%; GERMANY COAL IMPORTS UP 6%
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Tuesday, 24 March 15
A WEAK WEEK FOR FOB INDONESIA COAL SWAP
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 2.48 (5.12%) month ...
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- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Deloitte Consulting - India
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
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