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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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Monday, 07 May 18
SOUTH KOREA STATE-OWNED UTILITY KOREA MIDLAND POWER ISSUED A TENDER FOR 1 MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 mt of min. 5700 NAR coal of Australian origi ...
Monday, 07 May 18
GLOBAL COAL DEMAND ROSE ABOUT 1% IN 2017; ASIA ACCOUNTED FOR THE LARGEST INCREASE IN COAL DEMAND, UP 35 MTOE RELATIVE TO 2016 - IEA
Global coal demand rose about 1% in 2017, reversing the declining trend seen over the last two years. This growth was mainly due to demand in Asia, ...
Friday, 04 May 18
ELECTRICITY GENERATION FROM RENEWABLES WAS SECOND ONLY TO COAL IN 2017 - IEA
World electricity demand increased by 3.1 %, significantly higher than the overall increase in energy demand. Together, China and India accounted f ...
Thursday, 03 May 18
SUPRAMAX: INDO - CHINA COAL ROUNDS ARE PAYING IN THE LOW-MID $12000 BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
As expected a slow and uneventful start to the week with holidays in many countries, however by mid-week some fresh requirements and pos ...
Tuesday, 01 May 18
SUPRAMAX: COAL RUNS, A 61,000-DWT WAS FIXED BASIS DELIVERY SURABAYA, FOR A TRIP VIA INDONESIA, RE-DELIVERY INDIA AT $15,000 - BALTIC BRIEFING
Capesize
Rates eased in the East, as the week closed out with the momentum slowing. Levels on the key West Australia/China run dropped to $7.25 ...
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Showing 1726 to 1730 news of total 6871 |
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- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Planning Commission, India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- PowerSource Philippines DevCo
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