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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, 05 September 18
ASIAN DEMAND COULD CREATE DEFICIT IN GLOBAL LNG MARKET - FITCH RATINGS
Growing gas demand from Asia, particularly from China, could swing the liquefied natural gas (LNG) market into a deficit by 2022-2025, Fitch Rating ...
Tuesday, 04 September 18
SUPRAMAX: THE ASIAN SECTOR REMAINED ACTIVE WITH RATES STILL FIRM ESPECIALLY IN SE ASIA - BALTIC BRIEFING
Capesize
A turnaround in fortunes for the big ships, with a few slower days in the market. A build-up of tonnage and a lack of Brazil cargoes r ...
Thursday, 30 August 18
SUPRAMAX: CIS COAL TO FAR EAST WENT AT MID TENS AND TO SE ASIA AT CA USD 8000 - FEARNLEYS
Capesize
There was a slow start this week with holiday in UK on Monday. The index has been slowly coming off since then; The C5 route has seen ...
Wednesday, 29 August 18
MID-YEAR FY19 POWER OUTLOOK: IMPORTED COAL REQUIREMENT TO INCREASE DURING REMAINING FY19: IND-RA
India Ratings and Research (Ind-Ra) has maintained a stable-to-negative outlook on the Indian power sector for the remaining FY19, despite a rise i ...
Wednesday, 29 August 18
IMPACT ON CHARTERPARTIES - TIME TO ACT NOW : NORTH P&I CLUB
KNOWLEDGE TO ELEVATE
The challenges introduced by the global sulphur cap are not exclusively technical. The new limits are likely to impact co ...
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Showing 1631 to 1635 news of total 6871 |
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- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
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