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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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Saturday, 14 February 15
SHALE GAS AND TIGHT OIL ARE COMMERCIALLY PRODUCED IN JUST FOUR COUNTRIES - EIA
KNOWLEDGE TO ELEVATE
The United States, Canada, China, and Argentina are currently the only four countries in the world that are producing com ...
Friday, 13 February 15
U.S. WEEKLY COAL PRODUCTION SHOWS 10% DECLINE
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.1 million short tons (mmst) of coal ...
Friday, 13 February 15
SMALL AND MEDIUM-SIZED SHIP OWNERS SQUEEZED OUT OF THE MARKET ON CRASHING DRY BULK MARKET AND EUROZONE CRISIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Financing issues have started to tighten the noose in the throats of small and medium-size ship owners, who were already facing problems over the p ...
Thursday, 12 February 15
CAPESIZE: THE BEST DESCRIPTION FOR THE MARKET IS, FLAT - FEARNRESEARCH
Handy
The handy and supra market is also being affected by the marginal volume of activity in the commodity sales. We see a small upturn in the T ...
Thursday, 12 February 15
DRY BULK OWNERS SCRAP MORE VESSELS, AS MARKET REACHES HISTORICAL LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has reached historical lows this week, with the Baltic Dry Index (BDI) now trading at levels below operating expense levels for ...
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- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- GMR Energy Limited - India
- VISA Power Limited - India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
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