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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, 10 August 18
U.S. COAL PRODUCTION TO DECLINE BY 1.8% IN 2019 BECAUSE COAL EXPORTS AND COAL CONSUMPTION ARE BOTH FORECAST TO DECREASE - EIA
EIA forecasts U.S. coal production will decline by 1.1% to 766 million short tons (MMst) in 2018 despite a 5.7% (6 MMst) increase in coal exports.
...
Thursday, 09 August 18
RIO TINTO COMPLETES SALE OF REMAINING COAL ASSETS
Rio Tinto has completed the sale of its remaining coal assets in Queensland, Australia, for $3.95 billion.
According to a noted post ...
Wednesday, 08 August 18
CHINA DEMANDS PREMIUM IRON ORE, COAL; MINERS MIXED IMPACT - FITCH RATINGS
China’s stricter environmental regulations and structural changes in its steelmaking industry boosts ongoing demand for high-quality iron ore ...
Wednesday, 08 August 18
SHIPPING MARKET INSIGHT - CHRISTOPHER WHITTY
Singapore's shipyard business has evolved over the decades, from shipbuilding and repairs to rig building. It's now evolving again, to cate ...
Friday, 03 August 18
PHEW! ASIA, EUROPE HEATWAVE PUSHES AUSTRALIA COAL PRICES TO 6-YEAR HIGH: REUTERS
Australian thermal coal prices have hit fresh six-year highs as a heatwave across the northern hemisphere has triggered a spike in demand for coal- ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- PTC India Limited - India
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- White Energy Company Limited
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Australian Coal Association
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
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