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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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Friday, 17 August 18
MALAYSIA'S MANJUNG 4 - WORLD COAL ASSOCIATION
According to the IEA’s Energy Access Outlook 2017 report, nearly all of those who gained access to electricity worldwide in the last 16 years ...
Thursday, 16 August 18
COAL PRODUCTION AT 37.11 PERCENT OF FULL-YEAR TARGET - THE JAKARTA POST
Indonesian coal production was recorded at 180 million tons on Wednesday, or 37.11 percent of the government’s 485 million target this year.
...
Thursday, 16 August 18
OIL MARKET HIGHLIGHTS - OPEC
Crude Oil Price Movements
In July, the OPEC Reference Basket increased marginally by 5¢ m-o-m to settle at $73.27/b. Oil futures saw mixed ...
Tuesday, 14 August 18
THE CAPESIZE MARKET HAS SHOWN A TREMENDOUS COURSE DURING THE PAST 12 MONTHS - THOMAS CHASAPIS
The Capesize market has shown a tremendous course during the past 12 months, having quickly climbed out of the “hole that it had found itself ...
Monday, 13 August 18
A 50,200 DWT FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA REDELIVERY CHINA IN THE LOW $10,000S - THE BALTIC BRIEFING
Capesize
Expectations of a further push in the market were largely unfulfilled last week as rates come under pressure in Asia as the North Atla ...
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Showing 1646 to 1650 news of total 6871 |
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- Coal and Oil Company - UAE
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Agrawal Coal Company - India
- The University of Queensland
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
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