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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, 28 November 16
BALTIC DRY INDEX FALLS TO 1181 POINT, DOWN 76 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities down slightly and ending in a negative note this past wee ...
Thursday, 24 November 16
SUPRAMAX: SOUTH AFRICA STILL STRONG WITH OWNERS ACHIEVING AROUND USD 14-15K FOR TRIPS EAST - FEARNLEYS
Supramax
A positive kick-off in both the Atlantic and the Pacific. Very healthy rates within USG, some supras receiving well over 20k for trips t ...
Wednesday, 23 November 16
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
The Organization of the Petroleum Exporting Countries (OPEC) is due to finalize a reduction in total production at its next scheduled meeting in Vi ...
Tuesday, 22 November 16
ITALY'S STEAM COAL IMPORTS EXPECTED TO DECLINE 7% Y/Y TO 15 MILLION TONS IN 2017 - ITALIAN COAL ASSOCIATION
Italy’s steam coal imports expected to decline to 15 million tons in 2017, or 7% less imports compared to 2016. The coking coal imports are e ...
Tuesday, 22 November 16
THE COMMODITIES MARKETS HAD SHOWED GREATER PROMISE SINCE THE SUMMER PERIOD - GEORGE LAZARIDIS
We have all borne witness to the sluggish pace of trade growth witnessed during the course of the past 4 years as well as the even slower pace note ...
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- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Planning Commission, India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
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