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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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Thursday, 18 May 17
SOUTHEAST ASIA CAN ACCELERATE ACHIEVEMENT OF PARIS AGREEMENT GOALS - WCA
Low emissions coal in Asia reduces more CO2 emissions than renewable investment in Western Europe.
Investing in low emissions coal plants in S ...
Wednesday, 17 May 17
THE CHINESE IMPORTS ARE A BAROMETER FOR VESSEL UTILIZATION - INTERMODAL
According to economic data, China imports increased year-on-year 38% in February, 20% in March – which is approximately US$160-170b - w ...
Monday, 15 May 17
THE PORT OF NEWCASTLE HAS SHIPPED 0.99 PERCENT LESS COAL IN APRIL 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export ports has shipped $AU 1,636.2 ...
Monday, 15 May 17
THE CAPESIZE INDEX ROSE SIGNIFICANTLY THIS PAST WEEK COMPARED TO PREVIOUS WEEK
COALspot.com: The Freight market slightly up this past week, as BDI and Cape shows a positive trend week over week.
The Baltic Exchange, track ...
Friday, 12 May 17
U.S. COAL PRODUCTION DOWN AGAIN WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.3 million short tons ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Parliament of New Zealand
- New Zealand Coal & Carbon
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