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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, 17 October 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last three months approximately 72 tankers changed hands involving ships larger than 33kdwt up to VLCC. 43 of those vessels had to do ...
Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
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