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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, 18 May 18
INDONESIA'S SAMARINDA ANCHORAGE COAL LOADING ACTIVITIES WERE RESUMED YESTERDAY AT 4PM LOCAL TIME
Samarinda Anchorage coal loading activities were resumed yesterday at 4PM local time.
Local fishermen in Samarinda Anchorage have been demonst ...
Wednesday, 16 May 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Half-way through the second quarter of the year and as the Posidonia week approaches everyone is getting ready for this unique gathering that besid ...
Thursday, 10 May 18
PRIVATE POWER PRODUCERS NEED A 'POWERFUL PUSH' - PRADEEP MITTAL
- PLF of the Private Sector in the country (Coal and Lignite based) for FY 2017-18 (till Dec 2017) is 56%.
- 51 GW of stressed assets (Thermal &a ...
Tuesday, 08 May 18
BUMA SIGNED OVER US$1 BILLION WORTH OF NEW CONTRACT WITH PT INDONESIA PRATAMA
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, has entered into mining services contracts with PT Indones ...
Monday, 07 May 18
BENCHMARK PRICE OF INDONESIAN THERMAL COAL DROPPED BACK BELOW $90 A TON THIS MONTH
COALspot.com: According to latest ministerial decree No. 1812 K/30/MEM/2018 dated 3 May 2018, the Indonesian Coal Price Reference (HBA) decline 5.5 ...
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- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Australian Coal Association
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
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