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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, 21 November 16
CHINA IS ESTIMATED TO SEE HIGHEST IMPORTED COAL DEMAND LEVEL IN 2017, POLL SAYS
“Which country is estimated to see highest imported coal demand level in 2017?”
The on-line opinion poll conducted by COALsp ...
Monday, 21 November 16
KOMIPO IS LOOKING FOR 140K MT OF SUB-BITUMINOUS COAL FOR FEB-MAR 2017 LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 140,000 Metric Tons of Sub-Bituminous coal for i ...
Monday, 21 November 16
BALTIC DRY INDEX SURGES TO 1257 POINTS W/E 18 NOV; BPI ROSE 37.3% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally continues this past week and ending on a positive n ...
Friday, 18 November 16
CAPESIZE: THE COMMODITIES PRICES ARE INCREASING, RESULTING IN MORE DEMAND AND CONSEQUENTLY RATES ARE MAKING A BIG JUMP - FEARNLEYS
Supramax
Apart from booming S. Africa where owners have obtained USD 14-15k to MEG/India and around mid USD 12k to China, the Pacific market has ...
Friday, 18 November 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.8 MMST, DOWN 0.8%, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
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- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- The University of Queensland
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- VISA Power Limited - India
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
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