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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, 14 November 16
DUNIA MAKMUR SUBSIDIARY BAGS MINING SERVICE CONTRACT WORTH $ 282.63 MILLION
PT Bukit Makmur Mandiri Utama (BUMA), has signed a life of mine contract with PT Tadjahan Antang Mineral (TAM) with a contract value of approximate ...
Monday, 14 November 16
THE CAPE INDEX ROSE 44.57 PER CENTS TO 2303 POINT WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose slightly and ending in a positive note this past wee ...
Friday, 11 November 16
INDONESIAN 4200 GAR COAL IS THE MOST ATTRACTIVE COAL IN TODAY'S MARKET - OPINION POLL
“ Which coal type of Indonesian origin do you find the most attractive in today's market?”
The on-line opinion poll conducted ...
Friday, 11 November 16
WEEKLY U.S. COAL OUTPUT FELL SLIGHTLY W/E NOVEMBER 5
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.9 million short ton ...
Thursday, 10 November 16
WILL TRUMP VICTORY PROVIDE A BOOST FOR HYDROCARBON & COAL INDUSTRIES? - DOUGLAS-WESTWOOD
Donald Trump’s surprise victory ends months of an adversarial presidential campaign with bitter disagreements between the two major candidate ...
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- MS Steel International - UAE
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Parliament of New Zealand
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Planning Commission, India
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
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