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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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Friday, 02 June 17
U.S THE PAST WEEK'S COAL PRODUCTION ESTIMATE UP 4.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
Wednesday, 31 May 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
In the next episode of the oil market; The market reacts to OPEC’s production cut extension, the US shale oil producers are ruining the carte ...
Tuesday, 30 May 17
MARKET ANALYSIS - GEORGE LAZARIDIS
Despite the fair performance that has been noted in the Chinese economy over the past 5 months, we have started to see an increase in the skepticis ...
Friday, 26 May 17
MOST COAL PLANTS IN THE UNITED STATES WERE BUILT BEFORE 1990 - EIA
Coal-fired electricity generators accounted for 25% of operating electricity generating capacity in the United States and generated about 30% of U. ...
Friday, 26 May 17
U.S WEEKLY COAL OUTPUT ESTIMATE UP 6.3% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.3 million short ton ...
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- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Wilmar Investment Holdings
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Australian Coal Association
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
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