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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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Wednesday, 12 September 18
MARINE BUNKERS: THE END OF THE WORLD AS WE KNOW IT - IBIA
KNOWLEDGE TO ELEVATE
The world of bunkers is heading for rapid and fundamental changes and not just because of the 0.50% sulphur cap in 2020. ...
Wednesday, 12 September 18
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
A recovery in the shipping market since last year has buoyed optimism amongst the people in the industry. Yet if you are to ask most ship-owners if ...
Monday, 10 September 18
HANDYSIZE: PERIOD ACTIVITY REMAINED LIMITED WITH A 37,000DWT REPORTEDLY FIXED FOR FOUR TO SIX MONTHS AT $10,500, OPEN IN MALAYSIA IN MID-SEPTEMBER - BALTIC BRIEFING
Capesize
Rates came under pressure for the big ships last week, despite paper values holding at reasonable levels as these trades continued to ...
Thursday, 06 September 18
INDONESIAN COAL PRICE REFERENCE FALLS FOR FIRST TIME IN 3 MONTHS
COALspot.com: The benchmark price of Indonesian thermal coal falls for first time in three months.
According to the latest min ...
Thursday, 06 September 18
SUPRAMAX: SE ASIA-INDO ROUNDS WITH COAL HAVE BEEN CONCLUDED IN THE $13000S RANGE - FEARNLEYS
Capesize
The big ships experiencing a bump in the road towards what is commonly expected to be by far the best period of this year. Average dai ...
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Showing 1626 to 1630 news of total 6871 |
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- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- The Treasury - Australian Government
- ICICI Bank Limited - India
- The University of Queensland
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Planning Commission, India
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
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