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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 05 April 17
THE AVERAGE SECOND HAND PANAMAXES AND CAPES PRICES FOR A 5-YR OLD VESSEL HAS INCREASED MORE THAN 19% AND 20% RESPECTIVELY M/M - INTERMODAL
With the help of what so far appears to be a very strong grain season together with the fact that imports from China have remained so far robust in ...
Tuesday, 04 April 17
THE IRON ORE HAS BEEN ABLE TO KEEP ITS GROWTH PATH FAIRLY WELL; THERE IS STILL ONE PART OF THE WORLD THAT IS STILL HEAVILY COMMITTED TO COAL
With the close of March having let us with a very positive after taste and having witnessed near the end of the month the Baltic Dry Index at its h ...
Monday, 03 April 17
WORLD COAL TRADE STABLE IN 2016: DEMAND SHIFTS TO SOUTH-EAST ASIA - ASSOCARBONI
ASSOCARBONI: Coal confirmed as the leading fuel for electricity generation, accounting for 40% of overall production in 2016.
World coal trade ...
Monday, 03 April 17
DRY BULK RATES CONTINUING TO FIRMING UP
COALspot.com: The Freight market was continuing to firming up. Baltic Panamax Index rose 12.81 percent week over week.
The Baltic Exchang ...
Friday, 31 March 17
U.S. COAL PRODUCTION INCREASE SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
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- Economic Council, Georgia
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Minerals Council of Australia
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- The University of Queensland
- McConnell Dowell - Australia
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
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