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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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Thursday, 08 December 16
STABLE OUTLOOK FOR GLOBAL MINING IN 2017 : FITCH
Fitch Ratings' sector and rating outlooks for the global mining industry in 2017 are both stable, reflecting Fitch's view that prices have ...
Thursday, 08 December 16
CHINESE COAL DEMAND WOULD BE THE KEY FACTOR THAT INFLUENCE WORLD COAL PRICES IN 2017, POLL
“WHAT ARE THE KEY FACTORS THAT MAY INFLUENCE WORLD'S COAL PRICES IN 2017?”
The on-line opinion poll conducted by COALspot.com ...
Thursday, 08 December 16
PANAMAX: THE FIRM TENDENCY CONTINUES IN BOTH HEMISPHERES - FEARNLEY
Supramax
Market remained firm - true mostly within Atlantic.
Star performer USG remained its title, where Supras reached around USD 21k ...
Wednesday, 07 December 16
SHIPPING MARKET INSIGHT - THEODOROS NTALAKOS
Looking back at my previous end-of-year insights, for the last seven years, in each and every one of them, I begin with something like “there ...
Wednesday, 07 December 16
U.S. COAL PRODUCTION IS FORECAST TO INCREASE BY 2% IN 2017 - EIA
U.S. Coal production in November 2016 was 70.7 million short tons (MMst), the third time this year monthly production exceeded 70 MMst, says EIA.
...
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- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Indika Energy - Indonesia
- Australian Coal Association
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
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