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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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Tuesday, 21 March 17
DESPITE THE CHALLENGING MARKET SITUATION IN 2016 THE DELTA DUNIA MAKMUR HAS ACHIEVED A NET PROFIT OF US$37 MILLION
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the period ended December 31, 2016.
Despite challenging marke ...
Tuesday, 21 March 17
JAPAN'S RENEWED COMMITMENT TO COAL - BENJAMIN SPORTON
Japan is one of the largest economies in the world, and has long been a major consumer and importer of energy and a leader in energy technology dev ...
Monday, 20 March 17
IS THE DRY BULK INDUSTRY STILL ON TRACK FOR PROFITABILITY IN 2019? - PETER SAND
The industry remains well on target for profitable freight rates in 2019! This relies however, on the projected fleet supply growth rate of 0% in 2 ...
Friday, 17 March 17
U.S WEEKLY COAL OUTPUT VOLUME SLIDES 6.5 PERCENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ton ...
Thursday, 16 March 17
CHINA IMPOSING TOUGHER CONTROLS ON LOW-QUALITY COAL IMPORTS
China is ramping up controls on imports of low-quality coal due to concerns about smog and overcapacity in the world’s top coal consumer, a g ...
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- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- The University of Queensland
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Deloitte Consulting - India
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
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