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Wednesday, 14 December 16
20/20 VISION! - JOHN N. COTZIAS
 2020; A year that could be changing shipping. In early November, the International Maritime Organization (IMO) announced that it would set a 0.5% sulphur cap on shipping emissions by 2020. This ruling applies to ships worldwide, and ships will have to ensure that the use of fuel oil on board meets the new sulphur content requirement. The current limit is set at 3.5% and shipowners will have more than 3 years to reduce the marine Sulphur usage by 7 times below current limits.
The Sulphur cap aims to provide a significant benefit to the environment and human health, particularly near port cities and coastal communities. Newer ships with advanced fuel options are being built, however older ships will have to choose between paying more for fuel and installing equipment to reduce emissions. Main engines, auxiliary engines and boilers are all considered areas of fuel usage on board ships.
Today, there are different blends of low sulphur fuel in different geographical locations and compatibility of these is still questioned. However, taking into account today’s bunker prices, using the low sulphur fuel poses a $200/tonne extra cost. The use of exhaust gas cleaning systems known as “Scrubbers” is the only solution for vessels to comply with gas emissions and allow them to continue using their normal fuel. Estimated cost of installing scrubbers on existing ships ranges from $ 1.3 million and can reach levels exceeding $ 3.0 million on larger and more demanding ships needing extensive funnel and steel modifications. Even so, scrubbers are not totally eco-friendly. Current systems involve either wet exhaust Vs dry exhaust or open loop vs closed loop technologies. In cases of closed loop and wet exhaust systems the collection of the particulates and the proper ecological disposal of same has to be addressed. This is another product that will have a disposal cost which, significant or not, still poses an additional running cost.
The biggest concern that may also be a game changer in our industry is that today and most likely by 2020 there is the possibility for existing refinery capacity proving inadequate to meet demand for clean fuel. Capacity is one question and geographical location is another. New refineries will need to be created with more capacity, also in more strategic locations and we see a major logistical undertaking for all links in the bunker supply chain. This need may impose new trade routes for product tankers and increased demand for these will benefit freight rates. Many countries say that 2020 is too soon and propose 2025 as a safer implementation date. However the decision of switching to more expensive fuel vs installing scrubbers is the result of the following formula; Daily Consumption X Extra $200/tonne X Years of projected operation of the vessel. If the ship has few years left until the end of its life, and if its second-hand price over its scrap price is marginally close to the cost of installing scrubbers then there is a greater possibility that she will be scrapped. This applies to all ship types and may lead to a mass exodus… towards the beaches. Supply of tonnage will be reduced giving freight rates a serious boost.
So in 2020, the 0.5% sulphur regulation together with the implementation of the Water Ballast Treatment convention will present two major costs that will dictate who goes to the beach and who is destined for more voyages ahead…!!!
“20/20 Vision” will be needed in our ship investments going forward with the pre-mentioned issues being the determining factor for the age of the asset one invests in today.
By John N. Cotzias
SnP Broker
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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 09 October 17
INDONESIAN COAL PRICE REFERENCE HITS NEW HIGH FOR 2017
COALspot.com: Indonesian coal benchmark price surges 2.13% in October month over month, the latest ministerial decree showed.
The benchmark pr ...
Monday, 09 October 17
INDIA'S COAL IMPORTS UP 10% IN SEPT AS POWER PLANTS FACE FUEL SHORTAGE - PTI
Coal imports rose by 9.5 per cent to 18.33 million tonnes (MT) in September, after having registered year-on-year decline for five months in a row, ...
Friday, 06 October 17
U.S. WEEKLY COAL OUTPUT HAS REBOUNDED AFTER DECLINING 5 WEEKS IN A ROW
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.3 million short tons ...
Wednesday, 04 October 17
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
During the past couple of months the dry bulk market has displayed particularly strong momentum and we have been witnessing steady appetite and act ...
Tuesday, 03 October 17
VIETNAM'S COAL-FIRED THERMAL POWER DEPENDENT ON CHINA - VIETNAMNET BRIDGE
A report from the Green Innovation and Development Centre (GreenID) showed that, as of the end of last year, of 27 coal-fired thermopower plants, 1 ...
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Showing 1921 to 1925 news of total 6871 |
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- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- The Treasury - Australian Government
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Parliament of New Zealand
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