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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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- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- White Energy Company Limited
- Parliament of New Zealand
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Posco Energy - South Korea
- PTC India Limited - India
- MS Steel International - UAE
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Australian Coal Association
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
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