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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, 16 January 17
WHY THE SOLUTION TO INDIA'S ENERGY CHALLENGE LIES IN COAL POWER PLANTS - BENJAMIN SPORTON
India’s huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for t ...
Friday, 13 January 17
U.S. COAL PRICES TO INCREASE IN 2017 AND IN 2018 - EIA
Coal Supply
EIA estimates that U.S. coal production declined by 158 million short tons (MMst) (18%) in 2016, to 739 MMst, which would be the lowe ...
Friday, 13 January 17
U.S. COAL IMPORTS IN THIRD QUARTER 2016 TOTALED 2.7 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.8 million short ton ...
Thursday, 12 January 17
ASIA: COAL'S FUTURE - BENJAMIN SPORTON
As economies develop and the United Nations’ Sustainable Development Goals (SDGs) are realised, demand for energy will increase as more peopl ...
Wednesday, 11 January 17
MARKET INSIGHT - GEORGE DERMATIS
A new year has dawned upon us and it sure promises to be an exciting one which makes it practically impossible to resist the challenge of making a ...
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- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- The University of Queensland
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
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