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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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Monday, 23 February 15
Q2' CFR SOUTH CHINA COAL SWAP FOR Q2 ROSE 3.39% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 1.90 (+3.39%) per MT month over month and declined US$ 0.08 ...
Monday, 23 February 15
Q2' API 5 FOB NEWCASTLE COAL SWAP CLOSED $1 HIGHER THAN Q3
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 3.12 per MT (+6.44%) month over month and fall US$ 0.43 (-0.83%) w ...
Sunday, 22 February 15
THE BALTIC DRY INDEX LOST ALMOST 3.2% OR 17 POINTS WEEK ON WEEK
COALspot.com: The Baltic Dry Index, one of the economic indicators that monitors the health of the world's economy by tracking the price of shi ...
Friday, 20 February 15
GOVT SET TO INCREASE COAL OUTPUT TARGET THIS YEAR - JAKARTA POST
The Energy and Mineral Resources Ministry is planning to increase its coal output target this year as the government seeks to offset the ongoing de ...
Friday, 20 February 15
U.S. PRODUCED AROUND 19.2 MILLION SHORT TONS OF COAL WEEK ON WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.2 million short tons (mmst) of coal ...
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- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- The University of Queensland
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
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