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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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Tuesday, 18 October 16
PANAMAX: A FAIRLY POSITIVE END TO THE WEEK - ALLIED
Capesize
Things seemed to be moving sideways during the first half of the week, with resistance being felt as owners tried to resist any further ...
Monday, 17 October 16
THE FREIGHT MARKET WAS SOFTENED IN ALL SEGMENTS THIS PAST WEEK - VISTAAR
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 14 October 16
SUPRAMAXES: DELIVERY SINGAPORE ARE SETTLING AROUND HIGH 6K'S FOR COAL TRIPS TO CHINA VIA INDO - FEARNLEY
Supramax
Wait and see attitude prevailing all over the market.
There have been several fresh cargoes, which have been efficiently covered by ...
Friday, 14 October 16
U.S. SHIPPED 3.3 MMST COAL IN JULY 2016; DECLINE 40% M/M
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.6 million short ton ...
Wednesday, 12 October 16
MARKET INSIGHT - LINOS KOGEVINAS
Another Monday has gone by, bringing with it further turbulence for oil. A series of meetings between high-production nations Russia & Saudi Ar ...
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- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Australian Coal Association
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Planning Commission, India
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
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