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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 $48.35 per mile to embody the cost of burning 0.1% Gasoil within the SECAs, compared to the 380 CST fuel oil grade delivered basis Rotterdam used to calculate Worldscale flat rates. Ship-Owners and brokers are incorporating new ways to negotiate the additional emerged costs into their charter contracts. The definition of these costs or which party should carry their burden, nevertheless still remains ambiguous.
To conclude with, the main industry debate is that of the ability of implementation of these new regulations rather than that of compliance. In essence, Owners need to evaluate any return on investment in new technology with the risks and remarkable increased costs of higher price of low-Sulphur fuel, but also the cost of technological failure caused by burning low-Sulphur fuel. In the longer term, the staging of compliance will most probably adjust to market conditions.
By Katerina Restis
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 05 March 15
BUKIT ASAM BOOKED US$ 1 BILLION REVENUE IN 2014
COALspot.com: Indonesian publicly listed and state owned coal miner PT. Bukit Asam, has announced that, the revenue of the company for the period J ...
Wednesday, 04 March 15
AN AGENDA FOR CHANGE - FITCH INDONESIA CONFERENCE
Fitch Indonesia Conference - 5 March 2015
Fitch Ratings will host its annual Indonesia conference on 5 March 2015.
The theme of this year ...
Wednesday, 04 March 15
KEEP CALM AND INVEST IN DRY - THEODORE NTALAKOS
Keep Calm and Carry On was originally a motivational poster, intended to raise the morale of the British public, produced by the British government ...
Tuesday, 03 March 15
INDONESIAN COAL EXPORT VOLUME TO DECLINE 50% BY 2019
COALspot.com: The Indonesian government is planning to reduce coal export volume by 50% within the next five years while keeping its coal productio ...
Tuesday, 03 March 15
INDIAN THERMAL COAL IMPORTS: STEAMING FORWARD - CLARKSONS
Coal-fired power stations comprise around 60% of India’s power output, and with domestic supply issues and favourable international coal pric ...
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- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Australian Coal Association
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
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