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