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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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Tuesday, 05 September 17
COAL: A STRONG MOVEMENT IN THE COAL MARKET OVER THE SUMMER MONTHS - GEORGE LAZARIDIS
We have been witnessing a strong movement in the coal market over the summer months something that has not only helped boost prices for the commodi ...
Friday, 01 September 17
U.S COAL OUTPUT DIPS WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.7 million short ton ...
Thursday, 31 August 17
SUPRAMAX: INDO TO CHINA COAL TRIPS AT AROUND $9000, DELIVERY THAILAND - FEARNLEYS
Supramax
A bit slow start to the week with UK holidays on Monday. Still strong rates for cargoes out of Black Sea, where front hauls where done $ ...
Tuesday, 29 August 17
WEEKLY SHIPPING MARKET ANALYSIS - ALLIED
In the aftermath of Hurricane Harvey, one of the worst disasters to hit Texas, we are now looking to get a clearer picture of the possible disrupti ...
Tuesday, 29 August 17
U.S WEEKLY COAL OUT UP 3.4% WEEK OVER WEEK TO APPROX. 17 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tonne ...
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Showing 1956 to 1960 news of total 6871 |
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- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Planning Commission, India
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
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