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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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Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
Friday, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
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- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Bhatia International Limited - India
- The University of Queensland
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
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