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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, 03 October 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
The bunker fuel supply and availability landscape is close to its transformation with the enforcement of the IMO’s global 0.5% fuel Sulphur c ...
Tuesday, 02 October 18
PANAMAX: A FURTHER RISE ACROSS ALL MAIN ROUTES THIS WEEK - ALLIED
Capesize
Finally an upward recovery was in sight in the spot market the past few days, after the prolonged negative pressure noted the weeks pr ...
Tuesday, 02 October 18
THE PRICE OF OIL CONTINUES ITS CLIMB AMIDST A SERIES OF CONCERNS REGARDING SUPPLY CONSTRAINTS - GEORGE LAZARIDIS
It has been a busy week for oil traders as the price of oil continues its climb amidst a series of concerns regarding supply constraints.
...
Tuesday, 02 October 18
INDONESIA GETS READY TO MEET INCREASED COAL DEMAND FROM CHINA, FREIGHT TO RESPOND - MIKAL BOE
Indonesian coal suppliers have increased their domestic coal production target by 4.5 percent from a previous 485 million tonnes to a massive 507 m ...
Monday, 01 October 18
SUPRAMAX: A 56,000 DWT FIXED DELIVERY FOR A SURABAYA TRIP WITH REDELIVERY TO WEST COAST INDIA AT $13,500 - THE BALTIC BRIEFING
Capesize
A stop-start market for the big ships with many expectations and few fulfilled. Holidays curtailed trading early in the week, but the ...
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- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- The University of Queensland
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Minerals Council of Australia
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
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