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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, 10 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
Wednesday, 08 February 17
MARKET INSIGHT - PANOS MAKRINOS
The challenges the oil market has witnessed since the end of 2014 has resulted in a crisis for the global offshore oil and gas exploration industry ...
Tuesday, 07 February 17
WE ARE STILL RIDING ON A WAVE OF MARKET IMPROVEMENT, WITH THE GLOBAL TRADE OF MOST COMMODITIES STILL SHOWING SIGNS OF IMPROVING GROWTH - GEORGE LAZARIDIS
The end of 2016 came with a rejuvenated sentiment amongst most traders and investors, in part through the sigh of relief that 2016 was finally comi ...
Monday, 06 February 17
AFTER MONTHS OF GAINS, THE INDONESIAN GOVERNMENT DECLARED MONTHLY COAL BENCHMARK PRICE IS STEADILY DROPPING
COALspot.com: Over the past two months, the HBA of Indonesian thermal coal has dropped around 18.06 percent. It sank to $ 83.32 per ton for Februar ...
Monday, 06 February 17
THE FREIGHT MARKET CONTINUED ITS DOWNFALL IN ALL SEGMENTS
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was declined in all segments week ending 27 January. The fall was cont ...
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- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- The University of Queensland
- White Energy Company Limited
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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