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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, 12 February 15
INDONESIAN COAL PRICE REFERENCE INCHED DOWN 1.44% IN FEBRUARY
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 62.92 pe ...
Thursday, 12 February 15
NEWBUILDING ORDERING ACTIVITY DRAGS ON, AS OWNERS ARE LOOKING FOR LOWER PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners appear to be waiting for lower prices in their dealings with Asian shipyards, as the dry bulk market is at historical lows. According t ...
Wednesday, 11 February 15
DRY BULK MARKET REMAINED UNDER PRESSURE : STABILIZING CAPE MARKET HARDLY HELPED SENTIMENT
COALspot.com: The Dry Bulk market remained under pressure last week, while the stabilizing Cape market hardly helped sentiment.
Greece based s ...
Wednesday, 11 February 15
BDI HITTING THE ALL-TIME LOW; FFA MARKETS NOT SHOWING ANY POSITIVE SIGNS
With the BDI hitting the all-time low and with FFA markets not showing any positive signs for a possible recovery in the near future, pessimism is ...
Tuesday, 10 February 15
IRON ORE MARKET TO REMAIN OVERSUPPLIED IN 2015: PRICE FORECAST $70/T - WOOD MACKENZIE
COALspot.com: With January witnessing the price of iron ore falling to its lowest levels since May 2009, Roger Emslie, Principal Metals & ...
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- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
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