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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 February 17
CHINESE EXPORTS SHOWED A YEAR-ON-YEAR RISE FOR THE FIRST TIME IN TEN MONTHS; S. KOREA'S EXPORTS UP FOR PAST THREE MONTHS IN A ROW - GEORGE LAZARIDIS
We have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple o ...
Tuesday, 21 February 17
CHINA SUSPENDS COAL IMPORTS FROM NORTH KOREA FROM 19 FEB
COALspot.com: China is suspended coal imports from North Korea until December 2017. China says it will suspend all imports of coal from North Korea ...
Monday, 20 February 17
OCEAN FREIGHT RATES SLIGHTLY UP WEEK OVER WEEK
COALspot.com: The Freight market was firmed up this past week. The Panamax segment was declined for the week ending 17 February 2017.
The Balt ...
Friday, 17 February 17
U.S. COAL PRODUCTION SLIPS SLIGHTLY WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million sh ...
Thursday, 16 February 17
CAPE MARKET HAVE EXPERIENCED A STRONG DOWNTURN - FEARNLEYS
Supramax
Market has shifted sides from Atlantic to Pacific, where Atlantic is now lagging behind with little action and sliding indices, notably ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
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