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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, 24 July 18
TANKER MARKET : IN TERMS OF TRADE, THE STEPS THAT WERE SLOWLY BEING TAKEN BY OPEC AND RUSSIA - GEORGE LAZARIDIS
Despite the fact that the tanker market still seems to be in the midst of a perfect storm, there are still strong indicators that better sailing da ...
Thursday, 19 July 18
VINACOMIN PRODUCES OVER 20 MLN TONNES OF RAW COAL FROM YEAR'S START - VNA
The Vietnam National Coal and Mineral Industries Group (Vinacomin) has produced over 20 million tonnes of raw coal and 19.3 million of clean coal f ...
Wednesday, 18 July 18
INDONESIA TO AUCTION 16 MINING SITES - JP
Indonesia will soon auction 16 mining sites as no proposal submissions have been submitted by state-owned enterprises (BUMN) and regional administr ...
Wednesday, 18 July 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
The new regulations for Chinese flag restricting import of Tier I ships have dominated market sentiment during the past days as buyers have been tr ...
Thursday, 12 July 18
SUPRAMAX: INDO/CHINA COAL RV IS BEING FIXED AROUND USD 10500 BSS SINGAPORE - FEARNLEYS
Capesize
Cape market continue to be extremely volatile says Fearnleys in its latst weekly report.
The further noted that, last week ended wi ...
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- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- VISA Power Limited - India
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Australian Coal Association
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
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