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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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Tuesday, 20 December 16
TRADE HAS FELT ITS BUMPS AND SHAKES THIS YEAR - GEORGE LAZARIDIS
Trade has felt its bumps and shakes this year, as growing populist protectionist and nationalist movements in the Western world start to take hold. ...
Tuesday, 20 December 16
TURNAROUND IN CHINESE ECONOMY HAS INTENSIFIED RECENTLY, SAYS COMMODORE RESEARCH
According to the most recent Weekly China Report published by Commodore Research, it has remained encouraging that the turnaround in China’s ...
Monday, 19 December 16
U.S. WEEKLY COAL PRODUCTION DOWN 3.1% PERCENT WEEK ON WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
Monday, 19 December 16
THE FREIGHT MARKET WAS CONTINUING TO SOFTEN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continually decline this past week and ending on a negati ...
Thursday, 15 December 16
SUPRAMAXES ARE ACHIEVING AROUND HIGH USD 7K FOR INDO/CHINA COAL ROUNDS - FEARNLEY
Supramax
Pacific has been relatively quiet this week, with some softening signs.
Supramaxes are achieving around high USD 7k for Indo/China ...
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- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
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