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