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