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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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Monday, 08 May 17
US WEEKLY COAL OUTPUT ON THE DOWN - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 04 May 17
SUPRAMAX: INDO COAL ROUNDS LEVELS WITH DELIVERY CHINA IS TRADING AROUND LOW $6K, TRIP BACK TO CHINA
Supramax
The short week brought weaker rates across all routes. Supras from USG to Japan were fixed around $19-20 k daily and from ECSA to ECI $1 ...
Wednesday, 03 May 17
MALAYSIA SEEMS AS BIGGEST ADARO COAL IMPORTER IN Q1' 17
COALspot.com: In 1Q17, 30% of Adaro's sales went to Indonesia, the data from unaudited consolidated financial statement shows.
Malaysia ca ...
Wednesday, 03 May 17
MARKET INSIGHT - STELIOS KOLLINTZAS
The overall performance of each sector within the edible oil markets has remained poor for the past weeks. Apart from the veg oil exports fro ...
Tuesday, 02 May 17
THE FREIGHT MARKET CONTINUE TO SLUMP THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, as all segments except Handy Size show a negative downward trend.
The Balt ...
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- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Indian Energy Exchange, India
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Planning Commission, India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
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