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