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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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Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
Wednesday, 24 October 18
CHINESE POWER PLANT STOCKPILES AT HIGHEST LEVEL SINCE 2015 - JEFFREY LANDSBERG
Chinese power plant coal stockpiles have climbed to approximately 83.3 million tons as of the middle of this month, said Jeffrey Landsberg in his e ...
Tuesday, 23 October 18
WILL THE U.S. COAL DECLINE CONTINUE? - FORBES
What’s Trump’s new coal proposal?
Adding to its controversial plan to leverage federal authority to keep retiring baselo ...
Monday, 22 October 18
CONTINUED HIGH LNG PRICES; TRADE WAR IMPACT LIMITED - FITCH RATINGS
Fitch Ratings expects sustained high spot liquefied natural gas (LNG) and contract prices over the next two quarters on limited investment in LNG e ...
Monday, 22 October 18
WINTER OIL MARKET OUTLOOK - OPEC
The oil market in the winter season is generally characterized by demand for diesel, particularly in the northern hemisphere, leaving product marke ...
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- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- PTC India Limited - India
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Central Electricity Authority - India
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