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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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Friday, 06 July 18
HOW FLEET SIZE, CORPORATE PROFILE AND STRATEGY ARE DECIDING FACTORS IN SELECTING AN APPROPRIATE FINANCING STRATEGY - PWC
KNOWLEDGE TO ELEVATE
The challenges that shipping companies are facing when selecting an appropriate financing strategy during the current per ...
Friday, 06 July 18
INDIA: GOVT TO RELAX CURBS ON INDIAN FIRMS CHARTERING FOREIGN SHIPS - HINDU BUSINESS LINE
The Ministry of Shipping is clearly in reform mode. On the heels of the recent relaxation of the cabotage law, which allows foreign flag vessels to ...
Friday, 06 July 18
AUSTRALIAN NEWCASTLE SPOT COAL PRICES HIT $120 FOR 1ST TIME SINCE 2012 - REUTERS
Australian thermal coal prices have broken through $120 per tonne for the first time since 2012, driven up by strong consumption in Asia and spot m ...
Thursday, 05 July 18
WHAT THE FAILED GLENCORE-TOHOKU COAL TALKS MEAN FOR THE MARKET - REUTERS
Electric utilities in Japan and other Asian countries are driving blind when it comes to coal prices after the failure of Japan’s Tohoku Elec ...
Thursday, 05 July 18
INDONESIAN COAL PRICE REFERENCE HITS 74 MONTHS HIGH OF $104.65 A TON
COALspot.com: HBA keeps rising. According to latest ministerial decree No.1892 K/30/MEM/2018 dated 2 July 2018, the Indonesian Coal Price Reference ...
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- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
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