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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, 16 March 15
API 5 FOB NEWCASTLE COAL SWAPS: DECLINED
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 2.48 per MT (-4.77%) month over month and US$ 0.93 (-1.84%) we ...
Monday, 16 March 15
CFR SOUTH CHINA THERMAL COAL SWAP DECLINED 3.74% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 2.17 (-3.74%) per MT month over month and US$ 0.67 (-1 ...
Sunday, 15 March 15
BDI DECLINED LESSER THAN 1% WEEK OVER WEEK; INDO-INDIA FIRM
COALspot.com: The most of indices, including bulk dry index were falling this week. The BDI has been down by just 0.53 points and closing at 562 po ...
Saturday, 14 March 15
CAPESIZE DRY BULKERS TO AVERAGE BETWEEN $3,000 AND $9,000/DAY IN THE COMING WEEKS SAYS BIMCO
BIMCO issued its latest short-term estimates for the dry bulk market. For March/May: BIMCO assesses that the Capesize time charter (T/C) average ra ...
Friday, 13 March 15
U.S. COAL PRODUCTION UP 2.3% WEEK OVER WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.5 million short tons (mmst) of coal ...
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- PTC India Limited - India
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Planning Commission, India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- The University of Queensland
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- MS Steel International - UAE
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