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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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Monday, 29 October 18
IMPLEMENTATION OF SULPHUR 2020 LIMIT - CARRIAGE BAN ADOPTED - IMO
An amendment to support consistent implementation of the forthcoming 0.50% limit on sulphur in ships fuel oil was adopted by the International Mari ...
Monday, 29 October 18
SUPRAMAX: THE ASIAN AREA SAW FALLING RATES, WITH A 61,000DWT FIXING DELIVERY KOHSICHANG TRIP VIA INDONESIA, REDELIVERY INDIA, AT $10,500 - BALTIC BRIEFING
Capesize
A market of two halves for most of the week with rates in the Atlantic firming and easing in the East for most of the week, but then, ...
Friday, 26 October 18
SHIP OPERATING COSTS EXPECTED TO RISE IN 2018 AND 2019 - MOORE STEPHENS
Total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.
...
Friday, 26 October 18
SEVERAL CONTRACTIONS IN GLOBAL STEEL PRODUCTION - JEFFREY LANDSBERG
World Steel Association data released today shows that global crude steel production totaled approximately 151.7 million tons in September. T ...
Thursday, 25 October 18
WHAT DOES THE "IMO 2020" REGULATION REALLY SAY? A QUICK GUIDE - BIMCO
KNOWLEDGE TO ELEVATE
The shipping industry has all eyes firmly fixed on the topic, but what exactly do the “IMO 2020” global sulph ...
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- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
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