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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, 24 February 17
RUSSIAN OIL AND GAS WITHSTANDS OIL PRICE SHOCK - FITCH RATINGS
Fitch Ratings says in a new report that the Russian oil and gas sector has withstood the oil price stock of 1H16. Key events of 2016 include record ...
Friday, 24 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
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- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Australian Coal Association
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
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