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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, 26 December 16
DO THE DERIVATIVES MARKETS MAKE COAL PRICES MORE VOLATILE? 59.21% SAY YES, POLL
COALspot.com: The substantial increase or decrease in coal prices within a short period of time has been supported by a number of fundamental drive ...
Friday, 23 December 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 711.1 MMST; DOWN 18.5% Y/Y - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 22 December 16
INDONESIA LACK OF EXPORT TO INDIA THIS WEEK - FERNLEYS
Supramax
While the Atlantic is keeping up with rates, the Pacific has been weaker says Astrup Fernley.
According to Astrup Fernley, backhaul ...
Wednesday, 21 December 16
THE SUPREME COURT DECISION IN OW BUNKERS - WHEN A SALE OF GOODS IS NOT A SALE OF GOODS - LEON ALEXANDER, CLYDE&CO
KNOWLEDGE TO ELEVATE
In May 2016 the Supreme Court of England & Wales gave judgment in an OW Bunkers test case entitled "Res Cogitans ...
Wednesday, 21 December 16
CLEANING THE OCEANS FROM PLASTIC - SOPHIE COTZIAS
2016 is coming to a close and it finds us in preparation for the 2017 enforcement of the Ballast Water Treatment Systems. We naturally are in thoug ...
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- Attock Cement Pakistan Limited
- White Energy Company Limited
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
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