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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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Friday, 03 March 17
U.S. WEEKLY COAL PRODUCTION ESTIMATED AT 15.7 MMST; DECLINE 6.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 02 March 17
ULTRAMAX: INDONESIA TO INDIA COAL ROUNDS IS BEING FIXED AT AROUND MID 11K BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
Holiday mode within Atlantic i.e. very few movements but rates remained still positive, mostly in the USG region where tight tonnage sup ...
Wednesday, 01 March 17
2017 IS LOOKING LIKE IT WILL BE A GOOD YEAR FOR A NUMBER OF COMMODITIES - LINOS KOGEVINAS
2017 is looking like it will be a good year for a number of commodities. Following the price recovery witnessed in 2016 across a number of commodit ...
Tuesday, 28 February 17
PORT OF NEWCASTLE SHIPPED 17.39% LESS COAL IN JANUARY; TRADE VALUE UP 11.87% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,625.6 M ...
Monday, 27 February 17
THE FREIGHT MARKET WAS FIRMED UP THIS PAST WEEK; BCI ROSE 57.64% W/W
COALspot.com: The Freight market was firmed up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk commod ...
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- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Posco Energy - South Korea
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
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