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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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Sunday, 01 March 15
BDI INDEX SLIGHTLY UP CAUSED AN INCREASE IN THE PANAMAX, SUPARAMAX AND HANDY SIZE INDICES
COALspot.com: The freight market saw some gains this week and BDI was up 5.26 pct closed at 540 points. However the Cape index failed to follow BDI ...
Friday, 27 February 15
WEEKLY US COAL PRODUCTION DOWN AN ESTIMATED 14.0% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 16.5 million short tons (mmst) of coal ...
Thursday, 26 February 15
DRY BULK MARKET COULD REBOUND FROM HISTORICAL LOWS IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market could exit from its historical lows in the coming weeks, as Chinese buyers reenter the market after the holiday celebrations. T ...
Thursday, 26 February 15
COAL POLICY RISK: HIGHER ROYALTIES FOR IUP HOLDERS - BAHANA SECURITIES | JAKARTA POST
The Energy and Mineral Resources Ministry plans to raise coal royalties charged to mining operation permit (IUP) holders by the end of the first qu ...
Thursday, 26 February 15
DRY BULK MARKET LOOKING FOR POSITIVE MOMENTUM, BUT PROSPECTS REMAIN DIM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the Baltic Dry Index (BDI) inched a bit higher over the past couple of sessions and the Chinese are returning to the market after a week long hi ...
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- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- London Commodity Brokers - England
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Economic Council, Georgia
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
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