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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, 17 November 16
FROTHY THERMAL COAL PRICES POINT TO DOWNSIDE PRESSURES IN 2017 - FITCH
Fitch Ratings says in an Outlook Report that the Asian thermal coal industry will remain under pressure in 2017 due to more-than-adequate capacity ...
Thursday, 17 November 16
CHINA STEEL EXPORTS TO REMAIN HIGH IN 2017, FITCH SAYS
Fitch Ratings expects Chinese steel exports to remain at around 100 million metric tons (Mt) in 2017, due to flat 'apparent' consumption an ...
Wednesday, 16 November 16
SHIPPING MARKET INSIGHT
Going through a relatively interesting second half of the year so far in the ship repair sector, we are experiencing a volatile climate of differen ...
Tuesday, 15 November 16
CHINA, FOR MANY YEARS NOW HAS SERVED AS A MAJOR GROWTH ENGINE FOR ASIA - ALLIED SHIPPING RESEARCH
It’s been a turbulent couple of days after the announcement of the U.S. Presidential results in the early hours of Wednesday.
After week ...
Monday, 14 November 16
KOMIPO'S SEOCHEON POWER PLANT TO IMPORT 240,000 MT OF SEMI / ANTHRACITE COAL FOR Q1'17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 240K mt of Semi-Anthracite and Anthracite Coal f ...
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- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Commonwealth Bank - Australia
- VISA Power Limited - India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Australian Coal Association
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- The University of Queensland
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
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