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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, 30 March 17
WHERE AN AGREEMENT FAILS TO DELIVER - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
Watson Farley & Williams acted for MRI Trading AG in a leading case on ‘agreements to agree’ that was fin ...
Thursday, 30 March 17
PANAMAX : ACTIVITY IN THE PANAMAX MARKET HAS INCREASED SUBSTANTIALLY IN BOTH HEMISPHERES - FEARNLEYS
Supramax
This week we were looking at prolonged activity from ECSA, mostly with grain cargoes to Far East and SE Asia, where Ultras to SE Asia fi ...
Thursday, 30 March 17
THE ROLE OF COAL IN THE ENERGY SUPPLY OF THE EU-28: HANS-WILHELM SCHIFFER
The European Union (EU-28) is one of the largest economies in the world, with a gross domestic product (GDP) of €14,635 billion in 2015. It ha ...
Wednesday, 29 March 17
MARKET INSIGHT - NASOS SOULAKIS
Shipowners will always look for market signals in order to gauge market perception and decide upon which strategy to follow next. And while owners ...
Monday, 27 March 17
THE FREIGHT MARKET CONTINUED TO FIRM WEEK OVER WEEK
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
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Showing 2086 to 2090 news of total 6871 |
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- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- PTC India Limited - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Australian Coal Association
- Economic Council, Georgia
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
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