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Wednesday, 25 July 18
TANKER MARKET INSIGHT - DIMITRIS KOURTESIS
 We are now into the second half of 2018, which so far has not been a fruitful year for tankers. With 2020 quickly approaching we need to consider the implications arising from the new fuel directives. 2020 seems to be the year that there will be a noticeable increase in the cost of moving cargo, with the forces driving costs upwards being either scrubbers and/or the increased demand for cleaner fuels.
The need for cleaner fuels will not only boost demand for product tankers though. Given the much higher crude oil quantities the production of these cleaner fuels requires compared to HFO, a boost in crude oil demand and a consequent support on crude tanker freight rates appears to also be in the cards.
The increase in fuel costs will definitely increase revenues but not profits. Therefore small owners with older, less efficient units, not capable of installing scrubbers, will be forced to either merge with larger companies, who have the cash flow to support financing, or in some cases will have to sell/ scrap and exit the industry. This filtering process will separate companies that managed to evolve and endure through the cycle and concurrently will correct the oversupply of tonnage, which drives rates in some cases well below their operating expenses today.
Vessels equipped with scrubbers or eco units will have a competitive advantage and owners will be able to fix periods at levels including a premium, as charterers will prefer to charter compliant and fuel efficient units. The market right now for a 1 year time charter, medium range non eco / non scrubber equipped tanker trading in clean petroleum products is around USD 13,000 per day. On the other hand, an eco/scrubber equipped unit would get approximately USD 14,500 - 15,000 per day for the same period.
We can identify that the difference of USD 1,500 - 2,000 per day is the premium charterers are paying in order to be 2020 compliant and have efficient units under their time charter. Apart from Ship owners/operators and charterers, it's also quite interesting to see how modern refineries are getting prepared for these changes. According to HSBC's research on IMO 2020, four of the most technically advanced refineries, S-oil, SK Innovation, Reliance Industries and Repsol are further upgrading and investing in their plants. They target to eliminate their HFO production by early to mid-2020. Specifically, SKI will focus on refining only very low sulphur fuel oil (VLSFO). The goal of these refineries is to find themselves in a position where, come 2020, they have substantially decreased– or even better entirely eliminated – the production of HFO.
Mr. T. Veniamis on behalf of the Union of Greek Ship Owners, stated that Greek ship owners are working hard to comply with the 2020 requirements (0.5% sulfur cap). He also stressed the importance that these cleaner fuels are – aside from compliant – also safe for both the crew and the ship itself. To conclude, the general sentiment particularly for Owners with units up to MR size without scrubbers, is to patiently wait and plan day by day, as the investment of installing scrubbers on older units may not make financial sense given today’s fundamentals.
By Dimitris Kourtesis
Tanker Chartering 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, 02 November 18
COAL FETCHES 102% PREMIUM IN E-AUCTION, SURPASSING THE EARLIER HIGHEST OF 95% - FINANCIAL EXPRESS
Coal prices have received a premium of 102% in spot e-auction during September 2018, surpassing the earlier highest of 95% premium during the spot ...
Friday, 02 November 18
CHINA: COAL CONSUMPTION POSTS STRONG GROWTH ON BACK OF POWER GENERATION DEMAND - CHINA DAILY
China’s energy consumption experienced continuous rebound during the first three quarters in 2018, National Energy Administration announced o ...
Thursday, 01 November 18
IMO 2020 - EXPLORING THE OPTION OF SOX SCRUBBERS - SIDDHARTH MAHAJAN, GARD
KNOWLEDGE TO ELEVATE
There are four possible methods of compliance:
1.use VLSFO (very low Sulphur oil) or blends;
2,use dis ...
Wednesday, 31 October 18
INDIA: COAL IMPORTS SURGE ON DOMESTIC SHORT SUPPLY - HINDU
Shortage of thermal coal supply in India has pushed imports up to 85 million tonnes (mt) in the first half of the current fiscal compared to 75 mt ...
Wednesday, 31 October 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
Since the IMO’s 2020 global cap on sulphur in marine fuels is coming into force, ship-owners have to decide whether they will operate using e ...
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- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Planning Commission, India
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Marubeni Corporation - India
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