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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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Thursday, 05 January 17
UNCHANGED COAL-FIRED TARIFFS PRESSURE CHINA'S GENERATORS - FITCH
COALspot.com: China's decision to keep on-grid electricity prices from coal-fired power unchanged amid higher coal prices will further squeeze ...
Thursday, 05 January 17
CAPE MARKET HAVE KEPT SURPRISINGLY FIRM AND ACTIVE DURING THE CHRISTMAS AND NEW YEAR HOLIDAYS - FEARNLEYS
Supramax
The first week after a slow Christmas break has started off with little activity and softening rates. Not surprisingly, the market is fi ...
Thursday, 05 January 17
COMPARISON OF HONG KONG AND LONDON ARBITRATION - SKULD
KNOWLEDGE TO ELEVATE
Whilst London arbitration is the most popular platform for resolution of charterparty disputes, where the parties involved a ...
Wednesday, 04 January 17
INDONESIA'S COAL PRODUCTION IS ESTIMATED TO REACH 434 MILLION TONS IN 2016 EXCEEDED THE GOVERNMENT'S INITIAL TARGET
Indonesia's coal production is estimated to reach 434 million tons in 2016 exceeded the government's initial target. The Ministry of Energy ...
Tuesday, 03 January 17
BENGKULU TO IMPOSE TOUGHER REGULATION FOR UNPROCESSED COAL AND MINERALS EXPORTS IN 2017 - MEDIA
Bengkulu provincial government is planning to impose tougher regulation for export of coal and mineral in 2017. According to liputan6 online portal ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Australian Coal Association
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
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