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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, 02 January 17
PORT OF NEWCASTLE SHIPPED 13.62 MMT OF COAL IN NOVEMBER; UP 4.18% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,201 Mil ...
Friday, 30 December 16
US WEEKLY COAL PRODUCTION TOTALS 15.2 MMST, DOWN 3.1% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million sho ...
Thursday, 29 December 16
CHINA AIMS TO CAP COAL-FIRED POWER CAPACITY AT 1,100 GIGAWATTS BY THE END OF 2020 - REUTERS
China aims to cap total primary energy consumption at around 4.4 billion tonnes of coal equivalent in 2017, the director of the National Energy Adm ...
Wednesday, 28 December 16
FINANCIAL MARKETS AND COMMODITY MARKETS HAVE ALREADY SHOWED CONSIDERABLE IMPROVEMENT AND RENEWED OPTIMISM - GEORGE LAZARIDIS
As 2016 nears to a close many will be breathing a heavy sigh of relief, having made it through one of the toughest years in this century and lookin ...
Wednesday, 28 December 16
BUMA SIGNED APPROXIMATELY US$ 493 MILLION WORTH OF MINING SERVICES CONTRACTS WITH PT ADARO INDONESIA AND PT ANGSANA JAYA ENERGY
COALspot.com: PT Delta Dunia Makmur Tbk. Has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA") has ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Planning Commission, India
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
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