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