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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, 25 April 18
TANKER MARKET INSIGHT - THEODOROS NTALAKOS
We had the opportunity to be part of Intertanko's Hellenic Mediterranean Panel last week in the SNFCC and to present an outlook on the tanker f ...
Tuesday, 24 April 18
IMPORTING INDONESIAN COAL MAKES SENSE FOR INDIAN COASTAL PLANTS EVEN WHEN IT IS COSTLIER THAN INDIAN - ECONOMIC TIMES
Rising Indonesian coal production and lower Chinese demand have pulled down Indonesian coal prices by 22% over the last 45 days, a trend that augur ...
Tuesday, 24 April 18
IMO AIMS TO HALVE GLOBAL SHIPPING EMISSIONS - BUT WHAT WILL IT COST? - WOOD MACKENZIE
Global bunker fuel costs could rise by up to US$60 billion annually from 2020, in a full compliance scenario, when the International Maritim ...
Tuesday, 24 April 18
TWO 56K-DWT OPEN HONG KONG AND SINGAPORE WERE FIXED FOR INDONESIA COAL TRIPS TO CHINA, AT $9,500 AND $11,000 RESPECTIVELY - BALTIC BRIEFING
Capesize
This week has seen the Cape 5 timecharter weighted average almost double. Similarly, the Brazil to China ore rates climbed over $4.50, f ...
Wednesday, 18 April 18
SHIPPING MARKET INSIGHT - STELIOS KOLLINTZAS
The return of traders and charterers from the Easter festivities came along with a slight increase in activity across the edible oil markets. Howev ...
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Showing 1736 to 1740 news of total 6871 |
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- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Videocon Industries ltd - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
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