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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, 26 June 18
A SHARP RISE IN THE PRICE OF CRUDE OIL WAS TO BE SEEN ON FRIDAY, ITS BIGGEST DAILY GAIN IN TWO YEARS - GEORGE LAZARIDIS
A sharp rise in the price of crude oil was to be seen on Friday, its biggest daily gain in two years, as OPEC reached a deal to raise output. Despi ...
Monday, 25 June 18
AUSTRALIA'S NEWCASTLE PORT SHIPPED 12.179 MT OF COAL IN MAY; DOWN 14.77% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,453.6 Mi ...
Monday, 25 June 18
COAL IN THE CROSSFIRE: CHINESE TRADERS WARY OF BEING BURNT BY TRADE WAR - REUTERS
At least three U.S. coal shipments on their way to China may end up casualties of the escalating trade dispute after Beijing said it would impose s ...
Saturday, 23 June 18
COAL GROUP TARGETS 9 PER CENT REVENUE SPIKE - VIET NAM NEWS
Viet Nam News reported, the Viet Nam National Coal and Mineral Industries Group (Vinacomin or TKV) is targeting VNĐ116.9 trillion (US$5.1 billion) ...
Thursday, 21 June 18
ROBUST ASIAN THERMAL COAL DEMAND CREATES OPPORTUNITIES FOR AUSTRALIA - MINERALS COUNCIL OF AUSTRALIA
Minerals Council of Australia reported, Australia’s world-class coal mining industry can create more jobs in Australia and strengthen t ...
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- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- London Commodity Brokers - England
- ASAPP Information Group - India
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Planning Commission, India
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
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