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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, 17 February 15
Q2' FOB RICHARDS BAY COAL SWAP CLOSED AT $63.45; $ 1.85 HIGHER COMPARED TO Q4 CLOSING
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month, week on week and day on day.
The Q2 swap has ...
Monday, 16 February 15
COAL MINING SLUMP A BLESSING IN DISGUISE - THE JAKARTA POST
The growth of the coal-mining industry, which has diminished in the last two years, is expected to slump even further this year following weakening ...
Monday, 16 February 15
FOB NEWCASTLE COAL SWAPS SURGE WEEK ON WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 1.31 per MT (+2.59%) week over week and US$ 4.35 (+9.13%) month on ...
Monday, 16 February 15
Q2' 15 - CFR SOUTH CHINA COAL SWAP ROSE 5.22% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 2.88 (+5.22%) per MT month over month and US$ 1.08 (+1.90% ...
Sunday, 15 February 15
BALTIC DRY INDEX CONTINUALLY DIPPED IN RED
COALspot.com: The Baltic Dry Index continues its decline and fell 5.18 pct to 530 points week on week due to falling commodity prices and declining ...
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- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Australian Coal Association
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Parliament of New Zealand
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Mjunction Services Limited - India
- MS Steel International - UAE
- Videocon Industries ltd - India
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- VISA Power Limited - India
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
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