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