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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, 30 May 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
Among several hot topics that will be discussed during the Posidonia week, the International Maritime Organization regulation that will be enforced ...
Tuesday, 29 May 18
BLOCKCHAIN CAN HAVE A TRANSFORMATIVE EFFECT ON THE SHIPPING INDUSTRY
KNOWLEDGE TO ELEVATE
Following the launch of a legal briefing on blockchain contracts from UK P&I Club, Claims Executive, Filip Koscieleck ...
Tuesday, 29 May 18
INDIA'S COAL IMPORT DECLINES IN APRIL AMID DIVERSION TO THERMAL POWER PLANTS - PTI
India’s coal import fell by 9 percent to 17.32 million tonnes (MT) in April on the back of ample supply of dry fuel from domestic sources.
...
Monday, 28 May 18
COAL SUPPLY DIVERSION IRKS INDUSTRIES DEPENDENT ON CAPTIVE POWER PLANTS - HINDU BUSINESS LINE
The government’s move to prioritise coal supplies to power plants with minimal coal stock has disrupted fuel supply to some sectors, which ha ...
Monday, 28 May 18
KOMIPO ISSUED ANOTHER TENDER FOR 130K MT OF 5700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 130,000 mt of min. 5700 NAR coal of Australian origi ...
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Showing 1711 to 1715 news of total 6871 |
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- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- PTC India Limited - India
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Australian Coal Association
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
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