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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, 12 March 18
DRY BULK MARKET: CAPESIZE MARKET FINDS ITS FOOTING - BALTIC BRIEFING
Capesize
Some relief for owners as the week closed out with the market finding a floor in the East. Rates on the key West Australia/China run loo ...
Monday, 12 March 18
COAL OUTPUT FROM PRIVATE MINERS UNLIKELY TO RISE IN MEDIUM TERM: ICRA
Coal output levels from private commercial miners are unlikely to go up considerably in the medium to short term, given the issues related to land ...
Saturday, 10 March 18
ENHANCED PRODUCTION BY COAL INDIA HELPS DECLINE IN COAL IMPORTS
As per the current import policy, coal is kept under Open General License (OGL) and consumers are free to import coal from the source of their choi ...
Saturday, 10 March 18
THE 'RENOS' - COURT OF APPEAL CLARIFIES CTL CALCULATION AND RIGHT OF ABANDONMENT - CLYDE & CO
KNOWLEDGE TO ELEVATE
In the matter of the “RENOS”, Mr Justice Knowles addressed a number of issues, at first instance, regarding t ...
Friday, 09 March 18
THE WORLD CANNOT KEEP IGNORING THE ASIAN COAL STORY - BENJAMIN SPORTON
There were significant changes in the global energy system in 2017, including the growth in electric vehicles, the rise of renewables and the conti ...
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Showing 1776 to 1780 news of total 6871 |
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- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Aditya Birla Group - India
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Ministry of Mines - Canada
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