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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, 07 June 17
INDO HBA INDEX SEE LARGEST DROP SINCE FEBRUARY 2017
COALspot.com: Indonesian coal benchmark price decline 9.96% in June, government data showed.
The benchmark price of Indonesian thermal coal de ...
Wednesday, 07 June 17
MARKET INSIGHT - PANOS MAKRINOS
2017 undoubtedly began with very optimistic signs for the future of the Oil & Gas industry on the back of the Vienna Agreement. OPEC and non-OP ...
Tuesday, 06 June 17
THE FREIGHT MARKET WAS CONTINUE TO TUMBLE THIS PAST WEEK
COALspot.com: The Freight market continued to tumble this past week, as BDI and cape index showed a negative trend week over week.
The Baltic ...
Friday, 02 June 17
THE WORLD COAL ASSOCIATION HAS RESPONDED TO THE WITHDRAWAL OF THE UNITED STATES FROM THE PARIS AGREEMENT
“This decision is the result of a failure to build a genuine coalition on climate action that recognises the role of all technologies, includ ...
Friday, 02 June 17
MOL SIGNS COAL TRANSPORT DEAL WITH THERMAL POWERTECH CORPORATION INDIA LIMITED
MOL Signs Coal Transport Deal with Thermal Powertech Corporation India Limited - Contributing to a Stable Power Supply in India -
Jun ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Minerals Council of Australia
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- The University of Queensland
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
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