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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, 07 December 16
IT'S BEEN YET ANOTHER TURBULENT COUPLE OF DAYS..... - GEORGE LAZARIDIS
It’s been yet another turbulent couple of days, with a significant number of news headlines shaking up markets.
On Friday we had & ...
Monday, 05 December 16
INDIAN HYDROPOWER PRODUCTION AT LOWEST LEVEL SINCE 2012, SAYS COMMODORE RESEARCH
According to Commodore Research, the first eleven months of this year have seen India’s overall electricity production total approximately 1. ...
Monday, 05 December 16
THE DECEMBER 2016 HBA HITS TO ITS HIGHEST LEVEL SINCE MAY 2012
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2012. The government declared benchmark prices for Indo ...
Monday, 05 December 16
BALTIC PANAMAX INDEX UP 5.98%; BALTIC CAPE INDEX FELL 2.52% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally slightly continues this past week and ending on a s ...
Sunday, 04 December 16
U.S. WEEKLY COAL OUTPUT DECLINED 11.9% W/E 26 NOV; UP 1.4% Y/Y, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million short ton ...
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- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Central Electricity Authority - India
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Planning Commission, India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- The University of Queensland
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Economic Council, Georgia
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
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