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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, 24 October 16
DRY BULK:MARKET ENDS WEEK WITH MIXED REACTIONS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ending with mixed direction as Cape and BDI was declined ...
Thursday, 20 October 16
THE PORT OF NEWCASTLE SHIPPED 16.97 PERCENT MORE COAL IN SEPTEMBER
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,216.7 m ...
Thursday, 20 October 16
A SUPRAMAX HAVE BEEN FIXED AT $12,500 FOR A INDIA TO BANGLADESH TRIP - FEARNLEYS
Supramax
A bit more activities with modest upturn in rates.
According to Fearnleys weekly report, US Gulf trip to Skaw-Passero has seen cons ...
Wednesday, 19 October 16
THE SHIPPING MARKET IS IN A WAIT AND SEE MODE - INTERMODAL
We are now heading towards the end of a rather volatile 2016 for the dry bulk segment. During the last 10 months there were never any clear indicat ...
Tuesday, 18 October 16
COAL PRICES KEPT CLIMBING
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
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- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Economic Council, Georgia
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
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