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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, 07 November 16
HANDYSIZE: THE ASIAN INDICES RECORDED A GRADUAL DROP EVERY DAY - THE BALTIC BRIEFING
Capesize
A rumour-fuelled market this week but essentially rates a touch firmer and owners cautiously optimistic. The flotilla of vessels heading ...
Monday, 07 November 16
THE SUPRAMAX CHARTER RATES FOR INDONESIA TO INDIA WERE RATING AT AROUND $7500-8000 A DAY
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, 04 November 16
U.S COAL PRODUCTION UP WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
Friday, 04 November 16
INDONESIAN INFRASTRUCTURE DEVELOPMENT TRENDS ARE UNANIMOUSLY AFFIRMED
Press Release: October 20-21, 2016 Indonesia Infrastructure Summit (IIC) opened at the Hyatt Hotel in Jakarta The theme of the meeting was "Pr ...
Thursday, 03 November 16
THE INDEX BASED COAL SALES & PURCHASE STRATEGY MAKES MORE EFFICIENT, SAYS 55.17% END-USERS
Considering the current coal market condition, the Index based coal sales & purchase strategy make more efficient was deemed the winner by 57.0 ...
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- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Australian Coal Association
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- The University of Queensland
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
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