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