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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, 20 April 17
CHINA'S IMPORT OF IRON ORE TO PROPEL DRY BULK SHIPPING DEMAND IN 2017 - PETER SAND
China's import of iron ore will continue to be a key driver for the demand growth in 2017 for the dry bulk shipping industry, alongside shippin ...
Monday, 17 April 17
THE PANAMAX INDEX (BPI) ROSE (12.89%) WEEK OVER WEEK
COALspot.com: The Freight market was firm, week over a week as all segments show a positive upward trend this past week.
The Baltic Exchange, ...
Monday, 17 April 17
U.S. WEEKLY COAL OUTPUT FELL 5% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 13 April 17
OPEC OVER-DELIVERS ON OIL CUTS, BUT SEES RIVALS' OUTPUT RISING
Crude Oil Price Movements
The OPEC Reference Basket averaged $50.32/b in March, representing a decline of 5.7% from the previous month. Crude fut ...
Wednesday, 12 April 17
THE PORT OF NEWCASTLE SHIPPED 13.791 MILLION TONS OF COAL IN MARCH 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,688.5 ...
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- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- The University of Queensland
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Planning Commission, India
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
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