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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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Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
Tuesday, 13 December 16
THE FREIGHT MARKET MAY WELL BE SHOWING SIGNS OF HEADING FOR ITS DOWNWARD CORRECTIVE PHASE - ALLIED
2016 has been a tough market for dry bulkers and through these difficult earnings, we have seen some of the lowest prices being noted historically ...
Tuesday, 13 December 16
COAL DEMAND GROWTH TO STALL AS APPETITE WANES, ACCORDING TO IEA
Growth in global coal demand will stall over the next five years as the appetite for the fuel wanes and other energy sources gain ground, according ...
Monday, 12 December 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.3 MMST, UP 7.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million short ton ...
Monday, 12 December 16
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this past week and ending on a negative note week ...
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- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Planning Commission, India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Australian Coal Association
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- The University of Queensland
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
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