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