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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, 10 November 16
PANAMAX: NO TRUMP INFLUENCE YET, AND THE MARKET IS HEADING NORTH - FEARNLEYS
Supramax
Pacific Supra market still soft and falling this week, although seems to be in a somewhat slower pace compared to last week. According t ...
Wednesday, 09 November 16
SINGAPORE'S SGX COMPLETES ACQUISITION OF LONDON'S BALTIC EXCHANGE
COALspot.com: Singapore Exchange Limited and The Baltic Exchange Limited together announced that the acquisition of the Baltic Exchange by SGX has ...
Wednesday, 09 November 16
SUPRAMAX: 50% INCREASE ON AVERAGE SINCE THE FIRST QUARTER OF THE YEAR - GIANNIS ANDRITSOPOULOS
Last week was an interesting one for the tanker market, which following the explosion of the gas pipeline in Alabama witnessed a spike in Atlantic ...
Tuesday, 08 November 16
S.KOREA'S KOMIPO ISSUES TENDER TO BUY 390K TONS OF BITUMINOUS COAL FOR JAN-FEB 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 390,000 Metric Tons of Bituminous Coal for its B ...
Monday, 07 November 16
INDONESIAN COAL PRICE REFERENCE ROSE 59.57 PER CENT YEAR TO MONTH
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2013. The government declared benchmark prices for Indo ...
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- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Planning Commission, India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- The University of Queensland
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Deloitte Consulting - India
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
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