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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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Wednesday, 04 July 18
TANKER MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
2 years tanker briefing in tanker asset prices
The tanker market is undoubtedly passing one of its’ roughest times over the la ...
Tuesday, 03 July 18
COAL, THE SECOND MAIN COMMODITY FOR CAPES, HAS BEEN SHOWING A REMARKABLE RISE IN TRADE VOLUMES IN THE YEAR SO FAR - THOMAS CHASAPIS
Having reached the mid-point in the year, it seems to be a good time to summarize the overall trends noted in the Dry Bulk sector and more specific ...
Tuesday, 03 July 18
SUPRAMAX: A 56,000-DWT WAS FIXED BASIS DELIVERY SINGAPORE TRIP VIA INDONESIA, REDELIVERY CHINA, AT $12,100 - BALTIC BRIEFING
Capesize
The market generally drifted and by mid-week dropped to what some felt was an artificially low level, only to bounce back at the end o ...
Tuesday, 03 July 18
COAL OVERTAKES IRON ORE IN GOVERNMENT FORECASTS AS AUSTRALIA'S LARGEST EXPORT FOR 2018-19 - MINERALS COUNCIL OF AUSTRALIA
Coal is forecast to be Australia’s largest export earner at $58.1 billion in 2018-19 with iron ore exports forecast to earn $57.7 billion in ...
Monday, 02 July 18
THIESS SECURES NEW QCOAL NORTHERN HUB $480M CONTRACT
Thiess has been awarded a new A$480 million contract by QCoal to continue operations at the QCoal Northern Hub located in Queensland’s Bowen ...
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- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- The University of Queensland
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Economic Council, Georgia
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- White Energy Company Limited
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
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