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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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- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
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