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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, 24 March 15
RICHARDS BAY COAL SWAP FOR DELIVERY Q2 CLOSED $ 1.87 HIGHER COMPARED TO Q3 CLOSING PRICE
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has dropped U ...
Tuesday, 24 March 15
ARGUS MEDITERRANEAN SOLID FUELS 2015 CONFERENCE | 2-3 JUNE, ISTANBUL
Press Release: Argus Media is proud to announce Argus Mediterranean Solid Fuels, which will be held in Istanbul,on 2-3February.
Argus produces ...
Monday, 23 March 15
IS OIL GETTING READY TO PLUNGE BELOW $40? - FORBES
KNOWLEDGE TO ELEVATE
In my last crude oil market update in late-February, I expressed my skepticism toward the oil price rebound. Since then, ...
Monday, 23 March 15
Q4' 2015 FOB NEWCASTLE COAL SWAPS DECLINED 6.79% M-O-M; 2.55% W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.42 per MT (-6.33%) month over month and US$ 1.37 (-2.77%) we ...
Monday, 23 March 15
CFR SOUTH CHINA COAL SWAP: Q3 DELIVERY HAS FALLEN 7.93% MONTH-ON-MONTH
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.09 (-7.06%) per MT month over month and US$ 2.00 (-3 ...
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- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- White Energy Company Limited
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
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