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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, 01 May 18
GLOBAL MINER PEABODY EYES SALES OPPORTUNITY IN INDIA’S RISING COAL IMPORTS - BUSINESS STANDARD
Indian imports of coal will continue to rise, reckons the world’s largest private sector coal miner Peabody Energy. Glenn Kellow, president a ...
Saturday, 28 April 18
STRONG ASIAN DEMAND CONTINUES TO HOLD UP THERMAL COAL MARKETS - REUTERS
Asian thermal coal demand is defying its typical seasonal slowdown as well as the expanding use of renewables and natural gas, with prices holding ...
Friday, 27 April 18
PEABODY ENERGY'S REVENUES FOR THE FIRST QUARTER ROSE 10 PERCENT OVER THE PRIOR YEAR TO $1.46 BILLION
Peabody Energy's revenues for the first quarter rose 10 percent over the prior year to $1.46 billion driven by improved seaborne coal pricing a ...
Thursday, 26 April 18
BALTIC EXCHANGE LAUNCHES ESCROW SERVICE FOR VESSEL SALES
The Baltic Exchange will be launching an Escrow Service for its members to hold deposits for ship sale transactions. The move will allow Baltic Exc ...
Thursday, 26 April 18
COAL PRICES ARE EXPECTED TO AVERAGE $85/MT IN 2018, DOWN SLIGHTLY FROM 2017 - WORLD BANK
Coal prices rose 4 percent in the first quarter (q/q), following a surge of 34 percent in 2017, mainly due to strong consumption in China spurred b ...
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- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Parliament of New Zealand
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- The University of Queensland
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
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