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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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Wednesday, 11 March 15
DRY BULK MARKET CLOSED OFF ON THE GREEN FOR A SECOND WEEK IN A ROW - INTERMODAL
COALspot.com: The Dry Bulk market closed off on the green for a second week in a row, while the performance of Capesizes hindered a more substantia ...
Wednesday, 11 March 15
MARKET INSIGHT : NEWBUILDINGS - PANOS TSILINGIRIS
From a cost-based, buy-low perspective, there is currently a buying opportunity in the second-hand dry bulk market. I am an anti-cyclical (buy-low) ...
Wednesday, 11 March 15
DRY BULK MARKET: ALL IS NOT LOST FOR A RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The low cost of commodities across the board could trigger an increase of trade among many countries, which in turn could lead to a recovery of the ...
Wednesday, 11 March 15
U.S. ELECTRIC GENERATING COMPANIES TO ADD MORE THAN 20 GW OF GENERATING CAPACITY IN 2015; 16 GW OF GENERATING CAPACITY IS EXPECTED TO RETIRE IN 2015
COALspot.com: In 2015, electric generating companies in U.S. expect to add more than 20 gigawatts (GW) of utility-scale generating capacity to the ...
Tuesday, 10 March 15
OIL PRICE FORECASTING - IGNORE THE EXPERTS: COLIN MARSHALL
KNOWLEDGE TO ELEVATE
Experts put themselves on a pedestal, making claims to have special forecasting abilities for oil price trends. They, too ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- MS Steel International - UAE
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Planning Commission, India
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- VISA Power Limited - India
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
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