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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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Wednesday, 14 June 17
WORLD COAL PRODUCTION FELL BY 6.2%, THE LARGEST ANNUAL DECLINE ON RECORD - BP
COALspot.com: The 2017 edition of the BP Statistical Review of World Energy, shows global energy markets continuing to undergo long-term changes as ...
Wednesday, 14 June 17
HANDYSIZES AND PANAMAXES ENJOY THE TIGHTEST SUPPLY - PANOS TSILINGIRIS
The dry and the tanker shipping segments have dissimilar exposure to supply-driven opportunity (or risk). While the vintage (i.e., over 15 years ol ...
Tuesday, 13 June 17
THE TANKER FREIGHT MARKET IS STILL UNDER PRESSURE - GEORGE LAZARIDIS
News of U.S. inventory decline has hit the market by surprise with prices of the commodity showing some quick revival as OPEC continues to push wit ...
Monday, 12 June 17
THE BALTIC DRY INDEX TOOK A POSITIVE STEP
COALspot.com: The Freight market incline this past week compared to the previous week, as BDI, Cape and Panamax indexes show a positive trend week ...
Friday, 09 June 17
U.S WEEKLY COAL OUTPUT WAS FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
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Showing 2026 to 2030 news of total 6871 |
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- The University of Queensland
- Baramulti Group, Indonesia
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- PTC India Limited - India
- Australian Coal Association
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
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