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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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Monday, 01 October 18
A NO-DEAL BREXIT WILL UNDOUBTEDLY HAVE CONSEQUENCES FOR IMPORTERS AND EXPORTERS - KATE JONES, THE BALTIC BRIEFING
If you live in the UK, you might be finding it difficult to get away from the Brexit debate. “Hard Brexit”, “soft Brexit”, ...
Friday, 28 September 18
INDONESIA 2018 COAL OUTPUT TARGET NOW AROUND 507 MLN T - ENERGY MINISTRY : REUTERS
Indonesia has increased its 2018 coal production target to around 507 million tonnes from a previous target of 485 million tonnes, the Energy Minis ...
Friday, 28 September 18
FITCH RATINGS: METALLURGICAL COAL MINERS MAY CURB COSTS AS PRICES SLIP
Strong cost inflation in the global metallurgical coal sector suggests that miners may focus on cost controls as prices decline from their current ...
Wednesday, 26 September 18
IS YOUR CHARTER PARTY READY FOR 2020? - METTE KRONHOLM FRAENDE, BIMCO
As the deadline for the IMO’s global low-sulphur fuel requirements fast approaches, it is necessary to carefully check the bunker clauses in ...
Wednesday, 26 September 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Despite the fact that the dry bulk SnP market saw an admittedly busy summer season, there is a noticeable slowdown in activity during the past thre ...
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Showing 1606 to 1610 news of total 6871 |
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- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- MS Steel International - UAE
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Marubeni Corporation - India
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Mercator Lines Limited - India
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