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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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Thursday, 05 April 18
INDONESIA TO POSTPONE NEW COAL, PALM OIL SHIPPING RULES TO 2020 - REUTERS
Indonesia will delay until 2020 trade rules requiring exporters of coal and crude palm oil to use only Indonesian-flagged vessels, government offic ...
Tuesday, 03 April 18
MARKET ANALYSIS - GEORGE LAZARIDIS
In the midst of a relatively quiet week for markets, with disruptions being caused by the Christian holidays, it seems as though we find ourselves ...
Monday, 02 April 18
THE FREIGHT RATES ARE EXPECTED TO BE FLAT TO SOFT, SAYS VISTAAR
The freight market softening to continue. Thursday, March 29, 2018, the Baltic Dry Index decreased by 42 points, reaching 1080 points.
T ...
Monday, 02 April 18
THIESS TO DELIVER $150M SENAKIN CONTRACT EXTENSION
Thiess has secured a $150 million contract extension to provide mine services at Arutmin’s Senakin coal mine in South Kalimantan, Indonesia.
...
Monday, 02 April 18
THIESS SECURES $240M SATUI EXTENSION
The successful implementation of an innovative mining plan by Thiess at the Satui coal mine in South Kalimantan, has resulted in a $240 million con ...
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- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Australian Coal Association
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- VISA Power Limited - India
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- The University of Queensland
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- White Energy Company Limited
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
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