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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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Thursday, 13 September 18
SUPRAMAX: INDO-INDIA COAL RUN WAS FIXED CLOSE TO $16000 ON ULTRA - FEARNLEYS
Capesize
Rates took a further drop in the beginning of the week, to later find a floor around mid-week reaching mid USD 7 level for c5 and just ...
Thursday, 13 September 18
SHIPPING IS INCREASINGLY CAUGHT IN THE TRADE WAR LINE OF CROSSFIRE - PETER SAND
Once again, the already long list of tariffed goods has been made even longer. Many more commodities were hit on 23 August, but September is likely ...
Wednesday, 12 September 18
THE INTERRELATIONSHIP BETWEEN LETTERS OF INDEMNITY AND CHARTERPARTY "TIME BAR" PROVISIONS - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Introduction
A recent English Court of Appeal decision provides important guidance on the applicability of charterpar ...
Wednesday, 12 September 18
IS LNG POISED FOR A NEW GROWTH CYCLE? - WOOD MACKENZIE
Gas needs to work for its long-term sustainability. But the mood music is upbeat. Just 18 months ago the LNG market was depressed, anticipating an ...
Wednesday, 12 September 18
U.S. TOTAL COAL EXPORTS TO BE 107 MMST IN 2018 AND 101 MMST IN 2019 - EIA
EIA forecasts U.S. coal production will decline by 1% to 768 million short tons (MMst) in 2018, despite a 10% (10 MMst) increase in coal exports.
...
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Showing 1621 to 1625 news of total 6871 |
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- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
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