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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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Tuesday, 10 January 17
SHIPPING MARKET 2017
After having entered into a New Year, fresh hopes seem to be high for this to be the turning point in the market that many have been looking forwar ...
Monday, 09 January 17
FFA SUPRAMAX: Q1 AND Q2 TRADING UP TO $7100 WHILE CAL17 PRINTED $7250 - FIS
Capesize
Sentiment has swung quickly on capes and although there appears to be a very short list for open tonnage in the Atlantic Feb dates appea ...
Monday, 09 January 17
COAL MARKETS WERE UNEXPECTEDLY ONE OF THE STRONGEST PERFORMERS OF 2016 - SGX
COALspot.com: Coal markets were unexpectedly one of the strongest performers of 2016, with domestic production restrictions in China as well as sup ...
Monday, 09 January 17
THE INDONESIA COAL BENCHMARK PRICE SLIDES AFTER THE RECENT RALLY
COALspot.com: The Indonesia coal benchmark price slides in January 2017 after the recent rally. The government declared benchmark prices for Indone ...
Friday, 06 January 17
U.S. WEEKLY ESTIMATED COAL PRODUCTION TOTALED APPROXIMATELY 12.4 MMST; DOWN 18.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 12.4 million short ton ...
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- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- The University of Queensland
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Australian Coal Association
- Mjunction Services Limited - India
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
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