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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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Friday, 13 March 15
ADARO RECORDED A 7% INCREASE IN EBITDA OF $877 MILLION IN 2014
“Coal market continues to be difficult and challenging” – Adaro Energy
The world’s Top 5 thermal coal exporter, ...
Thursday, 12 March 15
CAPESIZE : ACTIVITY IS LOW; PANAMAX: BIT MORE ACTIVITY; HANDY: A FIRMING WEEK
Handy
It has been a firming week in both hemispheres this week and especially in the Pacific, says Fearnleys AS in its week's week report.
...
Thursday, 12 March 15
COAL MINERS REMAIN UNDER PRESSURE AS GLUT CONTINUES - THE JAKARTA POST
Indonesia’s major coal miners reported a significant drop in their earnings last year as the sharp drop in the global demand, mainly from Chi ...
Thursday, 12 March 15
FOB INDONESIA COAL SWAP DROP TO $47.33 A TON IN THE WEEK ENDED MAR.6
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 0.37 (0.78%) month ...
Wednesday, 11 March 15
RICHARDS BAY COAL SWAPS DROP $ 3.65 - 4.0/T W-O-W
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 fell US$ ...
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- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Australian Coal Association
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- White Energy Company Limited
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
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