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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, 10 July 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
The trade dispute saga continued over the past week, as new tariffs were put into force on Friday in both the U.S. and China and have already taken ...
Tuesday, 10 July 18
SUPPORTING SULPHUR 2020 CONSISTENT IMPLEMENTATION - IMO
An IMO working group is meeting (9-13 July) to develop guidelines to support the consistent implementation of the 0.50% limit for the sulphur conte ...
Monday, 09 July 18
RISING COAL PRICES LIFTING AUSTRALIA'S EXPORT REVENUES BUT INVESTORS STAYING AWAY - NEWCASTLE HERALD
Newcastle coal prices have risen more than 40 per cent in a year to be at their highest levels for seven years but the industry is becoming increas ...
Saturday, 07 July 18
SUPRAMAX: THE ASIAN MARKET STRUGGLED; A 57K-DWT WAS REPORTED FIXED BASIS DELIVERY SINGAPORE FOR A TRIP VIA INDONESIA REDELIVERY INDIA AT $12K
Capesize
A punchy week for the big ships that saw Atlantic rates soar, with the tonnage list tight prompting charterers to split cargoes, thoug ...
Friday, 06 July 18
COAL PRICES HAVE REMAINED STRONG BUT ARE SET TO DECLINE - NAB
Coal spot prices have been highly volatile in recent years, with an upward trend since recent lows in April 2018, National Australia Bank says in i ...
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- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- PTC India Limited - India
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
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