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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, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
Wednesday, 15 March 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
Over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the u ...
Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has be ...
Monday, 13 March 17
PORT OF NEWCASTLE HAS SHIPPED 11.563 MILLION TONS COAL IN FEBRUARY 2017; DECLINED 12.19 PERCENT M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,4 ...
Monday, 13 March 17
INDO - INDIA COAL FREIGHT RATES STAY FIRM
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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- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- PTC India Limited - India
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Planning Commission, India
- Australian Coal Association
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
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