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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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Friday, 07 October 16
CEYLON SHIPPING CORPORATION HAS TAKEN DELIVERY OF COAL CARRIER MV.CEYLON PRINCESS
Sri Lanka’s Ceylon Shipping Corporation (CSC) has taken delivery of its second newly built bulk carrier for the transportation of coal to pow ...
Friday, 07 October 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALLED AN ESTIMATED 540.5 MMST; DOWN 21.9% Y-O-Y, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.7 million short ton ...
Thursday, 06 October 16
SHIPS IN PACIFIC ACHIEVE JUST ABOVE $10K DAILY FOR A BRAZIL ROUND VOYAGE - FEARNLEYS
Supramax
Slower week with limited activity due to holidays in the East. Mixed feelings within different markets, with slight downturn in Pacific ...
Wednesday, 05 October 16
OPEC TO SHUT OFF MORE THAN 6 PERCENT OF ITS PRODUCTION; MIXED FEELING AMONGST TRADERS - ALLIED
OPEC recent accord to shut off more than 6 percent of its production this past week has been met with mixed feeling amongst traders. As we mo ...
Wednesday, 05 October 16
SHIPPING MARKET INSIGHT
On September 27th the OPEC petroleum and energy ministers arrived in Algeria to attend the International Energy Forum, which brought together produ ...
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- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Australian Coal Association
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
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