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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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Thursday, 16 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
Wednesday, 15 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- The University of Queensland
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Planning Commission, India
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Mjunction Services Limited - India
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
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