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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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Tuesday, 28 August 18
COURT CONCLUDES DELIVERY MADE IN ACCORDANCE WITH TERMS OF LOIS - INCE&CO
Glencore Agriculture BV v Navig8 Chemicals Pool Inc (Songa Winds) [2018] EWCA 1901 (Civ)
In this case, the Commercial Court fo ...
Tuesday, 28 August 18
SUPRAMAX: A COAL TRIP VIA INDONESIA PAID $13,500 ON A 56,000DWT TO WC INDIA - BALTIC BRIEFING
Capesize
The Singapore holiday mid-week disrupted trading and unsettled the market, with owners losing some resilience. The market took on a la ...
Tuesday, 28 August 18
SHIPPING MARKET UPDATE - GEORGE LAZARIDIS
As we edge close to the start of the Autumn Season, a period within the year that is usually characterized as the pivot point from the final quarte ...
Friday, 24 August 18
KOREAN RESTRICTIONS ON COAL SULPHUR IMPACTING HUNTER EXPORTS - THE HERALD
WARNINGS that Korean restrictions on sulphur levels in coal could hurt the Hunter industry appear to have been accurate, according to a report in t ...
Thursday, 23 August 18
RUSSIA'S MECHEL PRODUCED 9.69 MMT OF RUN-OF-MINE COAL IN 1H'2018
Mechel PAO, one of the leading Russian mining and metals companies, announces 1H2018 operational results.
Mechel PAO’s Chief E ...
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Showing 1636 to 1640 news of total 6871 |
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- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Australian Coal Association
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Deloitte Consulting - India
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