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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, 03 August 18
HBA HAS RISEN 28.41 PER CENT IN A YEAR TO BE AT THEIR HIGHEST LEVELS SINCE JANUARY 2012
COALspot.com: The benchmark price of Indonesian thermal coal has risen 28.41 per cent in a year to be at their highest levels since January 2012.&n ...
Thursday, 02 August 18
INDO / CHINA COAL RV'S IS PAYING AROUND USD 11,000 TO SUPRAS BSS DELIVERY SINGAPORE - FEARNLEYS
Capesize
The counter seasonally strong market during the summer months bodes well for the remainder of the year.
According ...
Wednesday, 01 August 18
JOKOWI CANCELS PLAN TO REVOKE COAL DMO - JP
President Joko "Jokowi" Widodo on Tuesday has canceled the government’s plan to revoke the domestic market obligation (DMO) for coa ...
Wednesday, 01 August 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
The dry bulk market activity over the past four weeks has remained stable when compared to the previous months. There are concerns with regards to ...
Tuesday, 31 July 18
INDONESIA UNLIKELY TO CHANGE COAL SUPPLY, PRICING RULES UNTIL 2019 - REUTERS
Indonesia is unlikely to change its rules on domestic coal supply and pricing until 2019, Coordinating Maritime Minister Luhut Pandjaitan said on M ...
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- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
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