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