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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, 31 July 18
ENERGY MINISTRY REMAINS FIRM ON DMO POLICY FOR COAL - JP
The Energy and Mineral Resources Ministry has stressed that it will not cancel its policy on the domestic market obligation (DMO) for coal, as the ...
Saturday, 28 July 18
GOVERNMENT TO REVOKE COAL PRICE CAP POLICY - JP
The government plans to revise its domestic market obligation (DMO) on coal price next week during a high-level meeting with President Joko “ ...
Thursday, 26 July 18
A SUPRAMAX IS NOW PAID AROUND USD 21,500 FOR LOADING IN THE US GULF WITH DISCHARGE IN THE FAR EAST - FEARNLEYS
Cape
There has been a relatively strong summer period so far, and there is a strong week we have left behind us.
In the Pa ...
Thursday, 26 July 18
ASEAN COAL IMPORTS INCREASED IN 2Q' 18 COMPARED TO THE PRIOR YEAR; THIS TREND TO CONTINUE AS 56 GIGAWATTS OF NEW COAL PLANTS IN 24 COUNTRIES WORLDWIDE ARE EXPECTED TO COME ONLINE IN 2018 - PEABODY
Peabody announced its second quarter 2018 operating results, including revenues of $1.31 billion, income from continuing operations, net of income ...
Wednesday, 25 July 18
COAL MINER BUKIT ASAM'S PROFIT GROWS 50% IN FIRST HALF - JP
Coal miner Bukit Asam announced 50 percent profit growth to Rp 2.58 trillion (US$177.33 million) in the first half of 2018, on the back of a coal-p ...
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- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- CNBM International Corporation - China
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
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