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