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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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Tuesday, 25 April 17
SHIPPING MARKET - ALLIED
Over the weekend we witnessed a second win over the rising populism that has become present in global politics since last summer, Allied shipping s ...
Monday, 24 April 17
THE FREIGHT MARKET WAS DOWN WEEK OVER WEEK EXCEPT FOR HANDYSIZE SEGMENT
COALspot.com: The Freight market was fell, week over a week as all segments show a negative downward trend except Handy Size segment this past week ...
Friday, 21 April 17
US WEEKLY COAL OUTPUT ON THE UP, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 20 April 17
SHIPPING POOLS: DON'T JUST DIVE IN - MOORE STEPHENS
Shipping pools can be an attractive option for ship owners and operators, particularly in difficult markets and during periods of economic uncertai ...
Thursday, 20 April 17
THE DRY BULK MARKET IS STILL ON ITS UPWARD MOMENTUM - ALLIED SHIPPING
Having gone through the first quarter of the year and with the Easter break having no come and gone, it seems as though the dry bulk market is stil ...
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- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Planning Commission, India
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Makarim & Taira - Indonesia
- The University of Queensland
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- London Commodity Brokers - England
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