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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, 19 February 15
PANAMAX: NOPAC AND AUSSIE ROUNDS ARE DONE IN LOW/MID $ 4000; TRIPS VIA INDONESIA TO INDIA CLOSER TO THE $5000 MARK - FEARNLEYS
Handy
The handy and supra market has not seen any firming rates in front of the Chinese New Year and still suffering on low activity in both hemi ...
Wednesday, 18 February 15
DRY BULK SHIPPING TO RECOVER IN LATE 2015 - DREWRY MARITIME RESEARCH
Strong trade growth, moderating fleet development and deployment of new fuel efficient vessels are expected to lead to a recovery in dry bulk shipp ...
Tuesday, 17 February 15
WHO PAYS THE SUEZ CANAL FEES? - INCE & CO
KNOWLEDGE TO ELEVATE
This was an appeal from an arbitration award on a point of construction in relation to the wording of an addendum to a ch ...
Tuesday, 17 February 15
BUOYANT WAVES IN RECENT YEARS: GLOBAL SHIP INVESTMENT SINCE THE CRASH - HELLENIC SHIPPING NEWS
Anxiety about fleet expansion is a recurring feature of world shipping markets. Within the global maritime community, worries about the vast amount ...
Tuesday, 17 February 15
FOB SUB-BIT INDONESIA COAL SWAP UP 8% MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap up US$ 3.58 (+8.00%) month o ...
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- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- White Energy Company Limited
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Economic Council, Georgia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Planning Commission, India
- MS Steel International - UAE
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
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