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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, 23 January 17
THE FREIGHT MARKET DID NOT CHANGE MUCH AND WAS ALMOST AT SAME LEVELS AS LAST WEEK
COALspot.com: The Freight market did not change much and was almost at same levels as last week.
The Baltic Exchange, tracking rates for ships ...
Friday, 20 January 17
U.S. WEEKLY COAL OUTPUT ESTIMATED 15.7 MMST; UP 14.1% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 19 January 17
KOREAN POWER UTILITY BORYEONG POWER TO IMPORT 660K TONS OF BITUMINOUS COAL FOR MARCH 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 590,000 Metric Tons of Bituminous coal and 7000 ...
Thursday, 19 January 17
PANAMAX RATES ARE UNDER PRESSURE IN BOTH HEMISPHERES - FEARNLEYS
Supramax
The market remained flat and the week continued at the same pace as last.
According to Fearnleys weekly dry bulk report, still more ...
Wednesday, 18 January 17
TANKER: THE CLEAN PRODUCT MARKET IS STILL NOT GIVING US ANY CLEAR SIGNS OF RECOVERY - GEORGE VASTARDIS
While we are approaching the Chinese New Year, the Clean Product market is still not giving us any clear signs of recovery, especially on The East ...
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- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- The University of Queensland
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Planning Commission, India
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
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