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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, 23 March 15
SEABORNE WORLD COAL TRADE: GROWTH +5% - GERMAN COAL IMPORTER ASSOCIATION
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Sunday, 22 March 15
DRY BULK RATES CONTINUED TO RISE THIS WEEK
COALspot.com: The freight market was steady this week as all the segments increased after many weeks of weak trend.
The Baltic Dry Index (BDI) ...
Friday, 20 March 15
HARD COAL MARKET 2014: DESPITE THE ENERGY TURNAROUND, HARD COAL IMPORTS TO GERMANY RISE BY MORE THAN 6% (PART 1)
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Friday, 20 March 15
U.S. WEEKLY COAL PRODUCTION SHOWS 5.9% INCREASE WEEK OVER WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.5 million short tons (mmst) of coal ...
Thursday, 19 March 15
HANDY: INDO COAL CARGOS DESTINED FOR INDIA BEING FIXED IN REGION OF $ 7-8K - FEARNLEYS
Handy
The Handy and Supra market has had a week with mixed signals. Although we see more activity in both hemispheres the rates are only up about ...
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- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- The Treasury - Australian Government
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
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