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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 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
Friday, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
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- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Planning Commission, India
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- PTC India Limited - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
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