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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, 10 March 15
FOB NEWCASTLE COAL SWAPS HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 0.24 per MT (-0.47%) month over month and US$ 1.52 (-2.93%) we ...
Tuesday, 10 March 15
CFR SOUTH CHINA POWER-STATION COAL SWAPS DECLINE
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery fell US$ 0.42 (-0.74%) per MT month over month and declined US$ 1.00 &nbs ...
Monday, 09 March 15
INDONESIA GREETS INDIA RATE CUT AS GOOD FOR EXPORTS - GLOBEASIA
Indonesian commodity producers and economists have hailed the Indian central bank’s rate cut as good for boosting exports from Southeast Asia ...
Monday, 09 March 15
CHINA'S SUPREME COURT ISSUES NEW JUDICIAL INTERPRETATION ON SHIP ARREST AND JUDICIAL SALE OF SHIPS - GARD
KNOWLEDGE TO ELEVATE
China is not traditionally a popular jurisdiction for ship arrest. However, Members and clients with ships calling at por ...
Monday, 09 March 15
CHINA'S IMPORTS - NEVER MORE IMPORTANT TO SHIPPING? - CLARKSONS
Over the last 15 years China has led maritime forecasters a right old dance. In 2002, rumours that Chinese iron ore imports were about to take off ...
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- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Singapore Mercantile Exchange
- The University of Queensland
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- ICICI Bank Limited - India
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Planning Commission, India
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
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