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