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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, 31 October 16
INDONESIAN 5000 GAR COAL ROSE 5.56% WEEK OVER WEEK - CS COAL INDEX
COALspot.com: The price for thermal coal has recovered substantially since April 2016. The China’s new policy on its domestic coal miners, th ...
Friday, 28 October 16
STEAM COAL IMPORTS: CHINA AND INDIA'S ROLE REVERSALS - BEN TRIMMEL
While a sharp decline in European imports is a key driver of the expected fall in steam coal trade this year, China and India remain leading actors ...
Friday, 28 October 16
U.S. WEEKLY COAL OUTPUT ROSE DURING THE WEEK ENDING OCTOBER 22 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million short ton ...
Thursday, 27 October 16
73.08 PERCENT OF COAL PRODUCERS PREDICTED INDIA WILL NOT STOP COAL IMPORTS IN 2 TO 3 YEARS - POLL
COALspot released its weekly opinion poll "How likely do you think India will STOP thermal coal imports in 2-3 years?" this Monday.
...
Thursday, 27 October 16
PANAMAX: FIRM ATLANTIC; TOPPISH PACIFIC - FEARNLEYS
Supramax
The trend from last week is passed on. ECSA still strong with Supras from N Brazil to Med fixed at $9,000 to $9,500 daily.
Accordin ...
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- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- White Energy Company Limited
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- PTC India Limited - India
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
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