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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, 03 November 16
CAPESIZE: BRAZIL/CHINA RATES MOVED TO THE $11 PMT LEVEL; WEST AUSTRALIA/CHINA ROUTE MOVED UP CLOSE TO MID $5 PMT LEVEL - FEARNLEYS
Supramax
In the Atlantic we see a bit more activity than in the eastern hemisphere, says Fearnleys in its latest weekly report. Fhauls via Black ...
Wednesday, 02 November 16
SHIPPING MARKET INSIGHT
A week before the U.S. presidential election, everyone is eager to see the socio-political effects that the result of these elections will have. As ...
Wednesday, 02 November 16
SHIP OPERATING COSTS ARE EXPECTED TO RISE IN BOTH 2016 AND 2017 - MOORE STEPHENS
Vessel operating costs are expected to rise in both 2016 and 2017. Repairs and maintenance and spares are the cost categories which are likely to i ...
Tuesday, 01 November 16
PANAMAX : A FAIR AMOUNT OF SIDEWAYS SHIPPING IN RATES - ALLIED SHIPPING
Capesize
A very sluggish start to the week, with rates dropping considerably as all optimism seems to have evaporated over the weekend. According ...
Tuesday, 01 November 16
IMPROVEMENT ON THE DEMAND SIDE ONLY BUT THE SUPPLY SIDE IS WORSE OFF - BIMCO
Back in May, BIMCO disclosed a projected “road to recovery” for the dry bulk shipping industry. The main message back then on what the ...
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- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
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