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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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Tuesday, 25 September 18
THE INCONVENIENT TRUTH OF RISING COAL PRICES - FORBES
Coal prices are not supposed to be rising as governments tighten environmental controls but that’s precisely what is happening at the premium ...
Saturday, 22 September 18
SHIPOWNERS URGENTLY NEED A FUEL-MANAGEMENT PLAN - METTE KRONHOLM FRAENDE, BIMCO
With the majority of ship operators expected to choose low-sulphur fuel over scrubbers to comply with the new IMO sulphur cap regulation, all eyes ...
Saturday, 22 September 18
GERMANY'S MOVE TO SCRAP COAL WILL COST TAXPAYERS - BRIAN PARKIN | WILLIAM WILKES
Chancellor Angela Merkel’s plan to close Germany’s remaining coal-fired power stations will drive up subsidies for regions that mine th ...
Saturday, 22 September 18
FITCH RATINGS: WORLD GROWTH FORECAST CUT ON US-CHINA TRADE BATTLE
Protectionist US trade policies have now reached the point where they are materially affecting what remains a strong global growth outlook, with th ...
Tuesday, 18 September 18
COOLING OUTLOOK FOR COAL - KATE JONES
At a time of increasing focus on the renewables market as the world seeks to clean up its act to prevent climate change, what is the outlook like f ...
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Showing 1611 to 1615 news of total 6871 |
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- The University of Queensland
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- MS Steel International - UAE
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
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