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